The Central Securities Clearing System (CSCS) has introduced its collaboration with MTN Nigeria to launch a USSD code designed to supply simpler entry to important funding providers by means of cellular gadgets.
The code, *7270#, is scheduled to launch on Might 8, 2025, and can make use of MTN’s community infrastructure.
Based on CSCS, the USSD service is meant to cut back reliance on web connectivity or specialised buying and selling platforms by permitting customers to entry market info straight by means of their cellphones.
Via the *7270# code, customers will be capable to retrieve their Clearing Home Quantity (CHN), verify the standing of their Direct Money Settlement (DCS), view inventory holdings, account balances, and account standing.
Initially, the service might be accessible solely to MTN subscribers. CSCS has acknowledged that it plans to broaden entry to different cellular networks sooner or later.
Feedback from key stakeholders
Haruna Jalo-Waziri, Managing Director and Chief Govt Officer of CSCS, described the introduction of the USSD service as a step towards bettering accessibility within the funding area.
He famous that the service is meant to make it simpler for traders to entry important info without having web connectivity.
“We’re launching the *7270# USSD code service as a part of our efforts to make account and portfolio info extra accessible,” he stated. “This service permits any investor, no matter location or accessible assets, to remain up to date on their investments.”
He additionally commented on the position of cellular partnerships in increasing monetary entry: “Our partnership with MTN Nigeria displays our intention to make use of current infrastructure to achieve extra traders. By working with MTN, we intention to supply a simple and accessible method for customers to work together with their funding accounts.”
Aisha Umar Mumuni, Chief Digital Officer at MTN Nigeria, famous that the partnership aligns with MTN’s efforts to simplify providers by means of cellular platforms.
She acknowledged that “by offering funding info by means of a USSD code, we hope to assist broader entry to capital markets and make it simpler for customers to remain knowledgeable.”
Nigeria’s CDS
The Central Securities Clearing System (CSCS) serves as Nigeria’s Central Securities Depository (CSD), liable for sustaining information of securities traded on the Nigerian capital market.
- It operates an digital, book-entry system to document securities reminiscent of shares, unitized funds, bonds, and treasury payments, supporting their storage and switch throughout transactions.
- The digital system is meant to cut back the dangers related to bodily certificates, together with duplication, forgery, and loss, which can lead to unauthorized transactions and decreased transparency.
- All securities certificates are digitized to assist routine monitoring and primary account administration.
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