The Central Securities Clearing System (CSCS) has announced its collaboration with MTN Nigeria to launch a USSD code designed to provide easier access to essential investment services through mobile devices.
The code, *7270#, is scheduled to launch on May 8, 2025, and will make use of MTN’s network infrastructure.
According to CSCS, the USSD service is intended to reduce reliance on internet connectivity or specialized trading platforms by allowing users to access market information directly through their mobile phones.
Through the *7270# code, users will be able to retrieve their Clearing House Number (CHN), check the status of their Direct Cash Settlement (DCS), view stock holdings, account balances, and account status.
Initially, the service will be available exclusively to MTN subscribers. CSCS has stated that it plans to expand access to other mobile networks in the future.
Comments from key stakeholders
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, described the introduction of the USSD service as a step toward improving accessibility in the investment space.
He noted that the service is intended to make it easier for investors to access essential information without needing internet connectivity.
“We are launching the *7270# USSD code service as part of our efforts to make account and portfolio information more accessible,” he said. “This service allows any investor, regardless of location or available resources, to stay updated on their investments.”
He also commented on the role of mobile partnerships in expanding financial access: “Our partnership with MTN Nigeria reflects our intention to use existing infrastructure to reach more investors. By working with MTN, we aim to offer a straightforward and accessible way for users to interact with their investment accounts.”
Aisha Umar Mumuni, Chief Digital Officer at MTN Nigeria, noted that the partnership aligns with MTN’s efforts to simplify services through mobile platforms.
She stated that “by providing investment information through a USSD code, we hope to support broader access to capital markets and make it easier for users to stay informed.”
Nigeria’s CDS
The Central Securities Clearing System (CSCS) serves as Nigeria’s Central Securities Depository (CSD), responsible for maintaining records of securities traded on the Nigerian capital market.
- It operates an electronic, book-entry system to record securities such as shares, unitized funds, bonds, and treasury bills, supporting their storage and transfer during transactions.
- The electronic system is intended to reduce the risks associated with physical certificates, including duplication, forgery, and loss, which can result in unauthorized transactions and reduced transparency.
- All securities certificates are digitized to support routine monitoring and basic account management.
