Nigeria’s Central Securities Clearing System (CSCS) has implemented a sweeping overhaul of its fee structure for 2026, marking a decisive shift toward institutional clients, value-based pricing, and significantly higher transaction charges across key services.
This is according to the CSCS revised schedule of fees and charges introduced recently and exclusively obtained by Nairametrics.
The CSCS confirmed the development.
The changes, which affect everything from account onboarding to fixed income trading, signal a strategic shift designed to boost revenue and better align fees with transaction value and market activity.
Notably, some charges have surged by over 3,000%, while entirely new service categories—such as API monetisation and investor segmentation tiers—have been introduced.
The most dramatic changes are concentrated in fixed income services and custodial operations, underscoring CSCS’s focus on high-value, high-volume market segments.
What the fee schedule shows
The latest fee structure analysed by Nairametrics indicates a massive increase in fixed income fees as well as a shift to value-based pricing across a wide range of services, particularly targeting institutional clients when compared to pre-2026 charges.
- OTC trade fees jumped from N15 per million to N500 per million, representing a 3,233% increase, making it the single largest revenue lever.
- Custody-related charges moved from a flat fee (N1,300) to 0.03% of transaction value, unlocking significant upside for large portfolios.
- Custodian code creation rose 243% (N72,800 → N250,000)
- Settlement bank onboarding increased 60% (N15.6m → N25m)
- Margin account onboarding jumped 300% (N50,000 → N200,000)
- Corporate onboarding fees surged 400% (N20,000 → N100,000),
- Renewals climbed 156%, strengthening recurring income streams.
- Retail investors are not spared as fee adjustments saw moderate but widespread increases.
- Stock statements fees rose by 43% from N700 to N1,000, while fees for change of name/address jumped 200% from N1,000 to N3,000.
- Fees for Inter-member transfers doubled to N3,000.
Besides, new services introduced, such as Joint accounts, premium investor tiers, judiciary-linked services, API access, and expanded data services, came with remarkable price levels that some stockbrokers described as cut-throat.
More insights
The 2026 pricing framework reveals a clear strategic direction: institutional clients are now at the center of CSCS’s revenue model.
- Banks, custodians, and market makers—who typically handle large transaction volumes—are facing the steepest increases, with many fees rising between 50% and 300%.
- This suggests CSCS is prioritising clients with deeper balance sheets and higher transaction frequency.
- Equally significant is the transition from flat fees to asset-linked pricing, particularly in custody and redistribution services.
By charging a percentage of asset value rather than a fixed amount, CSCS effectively ties its revenue growth to market expansion and portfolio size.
This model is especially lucrative in a rising market environment or where institutional portfolios are large.
- Another major takeaway is the elevation of fixed income services as a core revenue engine.
- The sharp spike in OTC trade fees indicates a deliberate move to monetise Nigeria’s growing debt market, including government securities and commercial papers.
- Combined with increases in distribution fees and setup charges, CSCS is positioning itself to capture more value from robust activities in the fixed income space.
Meanwhile, retail investors are not exempt. Although individual fee increases appear modest, the breadth of adjustments—across account services, reporting, and transactions—means cumulative costs will rise. Given the large number of retail accounts, these incremental increases are expected to generate substantial volume-based revenue.
What you should know
While pricing structures are being reviewed, there is a broader industry push to expand investor inclusion and unlock the full potential of the country’s large population.
- According to GTI Group CEO Abubakar Lawal, only 10% of 6 million investors’ accounts with CSCS are active.
- He urged market operators and regulators to convert passive registrations into everyday market participants through education and wider access.
- He said that the gap must be closed if the Investments and Securities Act (ISA) 2025 is to help finance the government’s ambitious $1 trillion target by 2030.
- This aligns with ongoing engagements between regulators and operators aimed at striking a balance between sustainable revenue models and improved market accessibility.
- The objective is to make Nigeria’s market competitive among frontier market peers, especially the Johannesburg Stock Exchange (JSE).
Overall, continued SEC engagement with stakeholders is expected to balance pricing reforms with accessibility, ultimately strengthening participation, competitiveness, and long-term growth of Nigeria’s capital market.
