Business a.m. Reporter
Nigerian Exchange Limited (NGX) has urged investors in the Nigerian capital market to embrace the organisation’s new Unstructured Supplementary Service Data (USSD) platform, designed to enhance access to the market and facilitate investments.
NGX stated this during its Investor Education Series, held in partnership with Meristem via a Zoom meeting, themed “Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access”.
During the event, Abimbola Babalola, NGX’s head of trading and products, enlightened investors on the capabilities of the innovative NGX USSD platform.
Babalola explained that the advanced technology enables mobile phone users to initiate various services by simply dialling a short code, *5474#, on their keypad.
According to Babalola, the product’s core purpose is to make vital market information readily available to investors, whilst also facilitating their connection with Trading License Holders.
He stated further: “what we are doing at the exchange is to put investors in the driver’s seat of their investment. Gone are those days when you buy securities and 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 also acknowledged the significance of investor education, asserting that this crucial component is central to the NGX USSD platform’s mission.
The experts gathered in the panel discussion discussed the fundamental value of investor education within the capital market and how it can foster growth.
Building on the theme of the event, Afeez Ramoni, NGX’s head of data and digital innovation, reiterated that the public can now conveniently access market data and initiate account openings by dialling a simple code—*5474#—from their mobile phones.
Ramoni explained that this streamlined process exemplifies NGX’s commitment to expanding investment access, improving market inclusion, and providing a seamless digital pathway for retail investors to engage with the capital market.
He expressed conviction that the USSD short code would not only bring about improvements in market accessibility but would also play a significant role in strengthening the broader landscape of financial inclusion in Nigeria.
Martha Ibrahim of NGX Group shared her perspective on the far-reaching importance of financial inclusion, pointing out the critical role that inclusivity and access to financial services play in promoting a thriving capital market and the overall economic growth of Nigeria.
Ibrahim asserted that the integration of USSD technology into NGX’s operations reflects the organisation’s understanding of the vital role that technology plays in driving financial inclusivity. She underscored NGX’s commitment to leveraging this modern tool to simplify market access and break down barriers, fostering an environment that welcomes a diverse range of investors into the fold.
“By leveraging this investor education and simplifying access to the markets, this validates that NGX is on the right step towards driving financial inclusion within the Nigerian capital markets,” she added.
