The Central Securities Clearing System Plc (CSCS) has the launched *7270#, its Unstructured Supplementary Service Data (USSD) code service, which will become operational from Thursday this week.
With the launching of the digital service code in partnership with MTN Nigeria, the CSCS aims to revolutionize information access in the Nigerian capital market and by so doing enhancing investor experiences in the equities market.
According to the CSCS’ authorities, USSD code service offers investors seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms.
With the code, investors can now retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
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Speaking on the digital innovation in the investment market, the CSCS’ Managing Director, Haruna Jalo-Waziri, enthused: “We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.
“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively”, he added.
According to him, the CSCS USSD code service will initially be available to MTN users only after which it will be extended to other networks.
In her remarks, Chief Digital Officer of MTN Nigeria, Aisha Umar Mumuni, said: “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.
“By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency
“CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem.
“This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making”, she added.
