CSCS to slash retail lien fees, scrap family transfer charges in fresh pricing review

Nigeria’s Central Securities Clearing System (CSCS) is set to roll out a fresh round of pricing changes that will cut lien fees for retail investors by half, eliminate charges on securities transfers between immediate family members, and scrap broker code and eligibility fees entirely, Nairametrics can exclusively report.

The revised framework, seen by Nairametrics on Wednesday, August 26, 2026, comes about six months after CSCS implemented a sweeping overhaul of its 2026 fee structure that pushed charges sharply higher across institutional and retail-facing services.

The latest review appears to be part of a broader push to reduce transaction friction, deepen retail participation while supporting innovation by brokers and fintechs.

What the new pricing reveals:

The new pricing document obtained by Nairametrics shows four key changes stand out:

• Retail lien fees have been cut from 0.25% to 0.125%, a 50% reduction for retail clients transacting below N100 million.
• Nominal transfers between immediate family members — including spouses, parents, children, siblings and step-children — will now attract zero charge, down from 0.3% previously.
• Broker code creation and renewal, previously priced at N145,600 plus 7.5% VAT, has been reduced to nil.
• Eligibility fees payable by brokers across NGX, NASD and LCFE, previously N36,400 plus 7.5% VAT, have also been scrapped.

CSCS described itself as a “sacrosanct” part of the development of Nigeria’s capital markets, stating that its pricing and services must support “greater participation, efficiency, innovation and liquidity across the market.”

Get up to speed:

Earlier this year, Nairametrics had reported CSCS’s fee overhaul which had introduced steep increases across a range of services, with OTC trade fees rising by over 3,000% and custody charges shifting from a flat fee to a percentage of asset value, among other institutional-focused adjustments.

• Retail-facing charges such as statements, transfers and account updates also rose, albeit more modestly.
• The changes prompted pushback from some quarters of the market.
• At that time, a cross section of market operators welcomed the development while some expressed concern that steep increases in transaction costs could discourage retail investors who are still new to formal financial systems.
• They argued that “the strength of any financial system is not measured solely by its efficiency, but by the breadth of its participation.”
• However, CSCS’s Managing Director and Chief Executive Officer, Mr. Shehu Shantali, explained that CSCS’ core fees remain unchanged, maintaining cost stability across key market activities.

According to him, the initial review mainly affected previously underpriced services and introduced charges for some services that had been free, while insisting that most of CSCS’s core fees remained unchanged.

He stated that the new services were designed to make things easier for investors and to help stakeholders access better data, faster transactions, and deeper value across the ecosystem.

Cheaper market participation

CSCS said the adjustments are designed to make capital market participation cheaper and easier for both investors and operators.

• For retail investors specifically, the company said lowering lien fees and removing charges on qualifying family transfers would reduce friction around holding and transferring securities, unlocking value and supporting market liquidity.
• For brokers and other intermediaries, scrapping broker code and eligibility fees is intended to lower operating costs and create room for innovation, the company added.
• CSCS said the review forms part of its continuing effort to deepen the Nigerian capital market and strengthen post-trade infrastructure.
• The company said it would keep leveraging technology and data to improve the experience of investors, support retail participation and financial inclusion, and enable innovation by brokers and fintechs.

CSCS also said it was positioning itself to play a bigger role in the development and integration of African capital markets as the domestic market evolves, stressing that its pricing and services must support “greater participation, efficiency, innovation and liquidity across the market.”.

What you should know:

There has been a broader industry push to expand investor inclusion and unlock the full potential of the country’s large population. Against this backdrop, the Securities and Exchange Commission (SEC) along with Nigerian Exchange Group (NGX) have promoted initiatives to improve retail participation in equities trading.

• The NGX, for instance, launched its innovative NGX’s official digital primary-market platform for public offers and rights issues where investors can browse live offers, submit investment details and make payments through one digital flow.
• Bamboo, Lambeth Capital’s brokerage apps, was designed to allow eligible users to subscribe to available NGX public offers and rights issues. Users only need an active NGX/CSCS account and sufficient naira balance to trade.
• Nairametrics had reported that retail investors accounted for roughly one in every four stock trades executed on the Nigerian Exchange (NGX) between January and July 2026, with Lambeth Capital Limited, through its brokerage partner, Bamboo, driving the bulk of that activity for a seventh consecutive month.

The pricing review, according to CSCS, forms part of its continuing effort to deepen the Nigerian capital market and strengthen post-trade infrastructure.