The Nigerian Exchange (NGX) Limited has introduced a new USSD (Unstructured Supplementary Service Data) platform to enhance investor access to the capital market. This initiative was highlighted at the NGX’s Investor Education Series, which was conducted in collaboration with Meristem and themed “Unlocking Potential: Leveraging USSD for Enhanced Capital Market Access”.
Key Features and Benefits
Abimbola Babalola, Head of Trading & Products at NGX, emphasized:
– The NGX USSD platform provides real-time stock market information and connects investors with stockbrokers.
– It aims to boost financial inclusion and market participation by making price information of listed companies readily accessible.
– The platform empowers investors to monitor their stocks anytime, eliminating the need to rely on newspapers or delayed news updates.
Importance of Investor Education
The event’s panel discussion underscored the significance of investor education in the capital market. Key points included:
Temitope Oludimu, Head of Investment Advisory at Meristem Stockbrokers Limited, stated:
– Meristem Securities has over two decades of experience in growing clients’ wealth and enhancing financial wellbeing.
– The firm offers online brokerage accounts, allowing real-time trade monitoring via MeriTrade, Nigeria’s first online stock trading platform launched in 2014.
Afeez Ramoni, Head of Data and Digital Innovation at NGX, noted:
– The public can now access market information and begin account opening processes through their mobile phones.
– This initiative aims to democratize access to investment opportunities and promote retail investor participation via digital channels.
Martha Ibrahim of NGX Group highlighted:
– Financial inclusion is about providing access to financial services for investors, which is crucial for a vibrant capital market and overall economic development.
– The integration of USSD with NGX is seen as a key financial enabler, simplifying access to the stock market and reducing barriers to entry.
– This initiative is expected to significantly increase financial inclusion within the capital markets.
The launch of the NGX USSD platform represents a significant step towards enhancing market accessibility and promoting financial inclusion in Nigeria. By leveraging technology, NGX aims to simplify stock market access, educate investors, and drive broader participation in the capital market, ultimately contributing to the country’s economic development.
