Nigerian Exchange (NGX) has announced plans to allow Nigerians to purchase stocks and other securities via the Unstructured Supplemental Service Data (USSD).
Temi Popoola, chief executive officer of the NGX, disclosed this on Thursday while speaking at the NGX’s annual review and preview of the capital market.
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According to him, the use of USSD (short code) is the result of a partnership between the Nigerian Exchange (NGX), telecommunication companies, banks, and other stakeholders.
He added that the USSD code would further digitalize operations at the stock exchange and intensify market activities.
According to him, the NGX would take a flexible approach to executing its strategy in 2023, doubling down on its successes from 2022 and expanding on a number of levers.
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To further develop the market, he stated that the Exchange would forge more strategic partnerships with development finance institutions and international banks.
Popoola stated, “We intend to do more on trading by enhancing data dissemination in order to attract a larger investor base, particularly on the retail side. As the new regime takes effect, we will use listings as a means to achieve our strategic goals through increased advocacy and engagement.
“NGX views sustainability as not only an important but also a profitable frontier of its business, and it is currently developing a framework for carbon credit trading certifications, pending regulatory approval.
“On the digital transformation of the capital market, the Exchange is collaborating with telcos and banks to launch USSD; unlocking the African capital markets through payment integration with Afreximbank’s Pan African Payment Settlement System.”
He added that the Exchange has also set its sights on the creation of new products designed to appeal to Nigeria’s lower socioeconomic strata.
“NGX is also committed to increasing youth participation through the development of digital asset products powered by blockchain technology, non-depositary receipts, and the overall expansion of the market’s liquidity pool.
“Overall, 2023 is likely to be a new dawn for the Nigerian market and economy as significant macroeconomic and political events take shape,” Popoola said.
