Nigerian Exchange (NG, has revealed plans to allow Nigerians buy shares and other securities at the stock market, with the Unstructured Supplementary Service Data (USSD).
This was disclosed by Temi Popoola, NGX Chief Executive Officer while speaking during the annual review and preview of the capital market organized by the NGX recently.
According to him, the use of USSD (short code) is a collaborative arrangement being championed by the Nigerian Exchange (NGX) in partnership with telecommunication companies, banks and other stakeholders.
He also said the USSD code would further digitise operations at the stock market and deepen activities at the market.
According to him, the NGX would take a flexible approach to strategy execution in 2023, doubling down on its 2022 achievements and expanding on several levers.
He said the Exchange would forge more strategic partnerships with development finance institutions, and banks, both local and international to further develop the market.
Popoola said: “We aim to do more on trading where we improve data dissemination to attract a larger investor base, especially from the retail side. We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagement.
“NGX sees sustainability as not just important but also a profitable frontier of its business and work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.
“On the capital market’s digital transformation, the Exchange is working on USSD launch in collaboration with telcos and banks; unlocking the African capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System.”
He added that the Exchange has also set its sight on the development of new products aimed at attracting the lower rung of the Nigerian demography.
“NGX is also focused on increasing youth participation with the creation of digital asset products powered by blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market.
“Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments,” Popoola said.
USSD (Unstructured Supplementary Service Data) is a Global System for Mobile Communications (GSM) protocol that is used to send text messages. USSD is similar to Short Message Service (SMS). USSD uses codes made up of the characters that are available on a mobile phone.
