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The Nigerian Exchange Group (NGX Group) has launched NGX Invest, a cutting-edge digital platform designed to enhance the efficiency of dividend payments and address the persistent issue of unclaimed dividends in Nigeria.
NGX Invest is an innovative online solution for managing public offerings and rights in the Nigerian capital market. Since its introduction, the platform has gained widespread acceptance among investors and onboarded a diverse array of participants.
Mr. Temi Popoola, Group Managing Director of NGX Group, highlighted that NGX Invest’s advanced features are pivotal in modernizing the dividend distribution process. He emphasized that the platform is designed to significantly reduce the frequency of unclaimed dividends by leveraging technology for more effective management.
“The e-dividend system embedded in NGX Invest marks a significant advancement over the traditional paper-based methods,” Popoola said. “The platform enables investors to select their preferred accounts for dividend payments. It employs real-time identity verification via the NIBSS system, which directly communicates this information to registrars, streamlining the dividend distribution process.”
Popoola also underscored the integration of the platform with the Bank Verification Number (BVN) system. This feature allows for the aggregation and consolidation of dividend payments associated with a single BVN, enhancing overall efficiency in dividend management.
“This integration promises to significantly improve the convenience and effectiveness of dividend payments. NGX Invest is set to revolutionize Nigeria’s capital market by reducing the manual follow-up typically required with traditional methods,” Popoola added.
As NGX Invest evolves, it is expected to play a crucial role in modernizing and optimizing investment processes within Nigeria’s financial markets, offering a more streamlined and user-friendly experience for stakeholders in the public offerings value chain.
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