Nigeria: NGX Introduces USSD to Boost Capital Market Participation

NGX Introduces USSD to Boost Capital Market Participation
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Nigerian Exchange (NGX) Limited is encouraging investors to utilize its new USSD platform to engage more actively in the capital market.

During an Investor Education Series event, held in partnership with Meristem via a Zoom meeting themed “Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access,” NGX highlighted the benefits of this new technology.

Abimbola Babalola, Head of Trading & Products at NGX, explained that the NGX USSD (Unstructured Supplementary Service Data) platform allows mobile phone users to access a range of services by dialing a short code (*5474#) on their phone. This platform provides real-time stock market information and connects investors with stockbrokers.

“The NGX USSD platform is an innovative tool designed to enhance financial inclusion and market participation in Nigeria. It offers investors easy access to price information of listed companies and facilitates connections with Trading License Holders,” Babalola stated.

He emphasized that this initiative puts investors in control of their investments. “Gone are the days when you would buy securities and have to wait for newspapers or news reports to understand market movements. Now, with this device, you can monitor your stock at any time,” he added.

Babalola also underscored the importance of investor education, noting that the USSD platform addresses this need by providing accessible market information.

Temitope Oludimu, Head of Investment Advisory at Meristem Stockbrokers Limited, highlighted Meristem Securities’ long-standing commitment to growing clients’ wealth and enhancing their financial wellbeing. She noted that Meristem has been providing easy access to online brokerage accounts through MeriTrade, Nigeria’s first online stock trading platform launched in 2014.

“MeriTrade allows users to buy and sell stocks online via the Nigerian Stock Exchange from the comfort of their homes, offices, cars, or even while on the go,” Oludimu said. “The platform redefines stock broking by creating a world-class experience and bringing your broker electronically to you wherever you are.”

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