The Nigerian Stock Exchange (NSE) has announced the launching of X-PO, an online platform for the subscription of Public Offerings, in a bid to engender eco-friendly and sustainable business operations.
According to a disclosure made available by the NSE and seen by Nairametrics, the launching is sequel to a ‘No Objection’ approval obtained from the Securities and Exchange Commission, Nigeria.
Nairametrics gathered that the technology-driven platform is the first of its kind in Africa and is designed to provide a smarter and efficient way to manage public offers in the Nigerian capital market, improving users experience in the public offerings value chain.
What you should know
- X-PO is a self-service portal that allows investors to conveniently subscribe and make payments for public offers through the web and mobile (USSD), avoiding the hassle of physical completion and submission of public offering applications forms and visiting the bank for payment.
- It is useful to players within the capital market such as investors, registrars, brokers, issuing houses, etc.
What they are saying
Commenting on the recent development, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON, noted that,
- “The launch of the X-PO platform reinforces the Exchange’s commitment to revolutionize stakeholders’ experience in the Nigerian capital market, leveraging technology. The X-PO has been designed to enhance the efficiency of PO subscription process and operational workflow to support Issuers in raising capital and enhancing the reach of POs, while promoting financial inclusion and retail investors’ participation in the market.
- “Furthermore, X-PO will accelerate the reconciliation and allotment process for POs, as well as reduce the incidence of unclaimed dividends, thereby boosting investor’s confidence in the capital market.
- “The launch of the X-PO is particularly timely, given the new normal occasioned by the COVID-19 pandemic. The platform’s sustainable approach affirms NSE’s commitment to deploying environmentally friendly business practices and promoting paperless public offer subscriptions.
- “We have also taken into consideration the vital need for privacy and data protection, deploying the highest levels of security to ensure that stakeholders can enjoy a safe and secure digital public offering experience.”