June 11, 2024

NGX introduces USSD to enhance capital market participation 


By Peter Egwuatu

Nigerian Exchange (NGX) Limited has urged investors to leverage   its new USSD platform to participate in the   capital market.

NGX stated this at its Investor Education Series, partnered with Meristem via a zoom meeting with the theme, ‘Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access’.

Speaking at the event, Head, Trading & Products of NGX, Abimbola Babalola stated that the NGX USSD (Unstructured Supplementary Service Data) platform is a technology that allows mobile phone users to access a variety of services by dialing a short code (*5474#) on their phone keypad.He said   that the NGX USSD platform is a new and innovative way for investors to access real-time stock market information and connect with a stockbroker.

According to him, the product is designed to boost financial inclusion and market participation in Nigeria by providing investors easy access to price information of listed companies and connecting them with Trading License Holders.

He further said that “what we are doing at the exchange is to put investors at the driver’s seat of their investment. Gone are those days when you buy securities and you go to sleep, or you have to start reading the newspaper or wait for news to know what is happening to the stocks. So, this time around, you have a device that you can use to monitor your stock at any time.”

Babalola added that investors’ education is key, and this is what the products will address.

The Head, Investment Advisory at Meristem Stockbrokers Limited, Temitope Oludimu said that Meristem Securities has been in the industry for over two decades, growing her clients’ wealth and enhancing their financial wellbeing.

She noted that the Stockbrokers subsidiary of the Group provides easy access to online brokerage accounts allowing clients to monitor trades in real-time via MeriTrade and the first online stock trading platform in Nigeria commenced in 2014.

Oludimu added that “MeriTrade allows users to buy and sell stocks online through the Nigerian Stock Exchange from the comfort of their home, office, car and even on the go.

“The platform defines stock broking in an entirely different language and creates a world class experience, bringing your broker (electronically) to the comfort of your home and office.”