NGX introduces USSD code to boost financial inclusion
By Chukwuma Umeorah
The Nigerian Exchange (NGX) Limited has announced the launch of a new Unstructured Supplementary Service Data (USSD) platform aimed at enhancing financial inclusion and broadening access to the capital market.
This was announced during the Investor Education Series, held in collaboration with Meristem, at the weekend, themed ‘Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access’.
Head of Trading & Products at NGX, Abimbola Babalola, highlighted the innovative nature of the USSD platform. By dialing a simple short code (*5474#) on their mobile phones, users can access a range of services including real-time stock market information and direct connection with stockbrokers.
Babalola emphasized the platform’s role in democratizing market access, stating, “The NGX USSD platform is designed to boost financial inclusion and market participation by providing investors easy access to price information of listed companies and connecting them with Trading License Holders.”
He noted that the initiative places investors in control of their investments, enabling them to monitor their stock portfolio anytime, without the need for newspapers or delayed news updates.
Afeez Ramoni, Head of Data and Digital Innovation at NGX, underscored the convenience brought by the new service.
“The public can now conveniently receive market information and initiate the account opening process through their mobile phones,” he said. This marks a significant advancement in NGX’s mission to democratize investment opportunities and enhance retail investor participation through digital means.
The Introduction of the USSD code is expected to significantly improve market accessibility and contribute to the broader financial inclusion landscape in Nigeria. By leveraging this technology, NGX aims to bridge the gap between potential investors and the stock market, fostering a more inclusive and dynamic financial ecosystem.
