In a bid to increase participation and encourage prospective investors, the management of the Nigerian Stock Exchange on Wednesday introduced mobile trading application as part of its strategies to increase retail participation to 20 million.
The NSE Trade Smart is the mobile application specially designed for easy and accessible transaction on the equities market. It is described as secure trading platforms that allow investors to execute various trading activities.
Briefing Capital Market Correspondents, stockbrokers and other key market players in the industry, the Executive Director, Market Operations and Technology, Mr. Ade Bajomo, explained that the development came against the backdrop of the need to make Capital Market more affordable to both the existing and potential investors.
He added that the NSE embarked on the e-trading activities with its target on retail investors hoping to increase to 20 million.
With the smartphone app, Bajomo continued, investors can enjoy real-time mobile trading services such as the current value of trade, unit of share, volume of transaction, gainers among others that give you more information on a particular portfolio.
He further that Trade Smart is a mobile app that the investors can download on their mobile phone, activate and transact on without having to visit the trading floor of the Nigerian Stock Exchange.
The briefing on the mobile app also featured the support of some Head of Trading, Managing Directors at various stockbroking firms. The Managing Director, Apt Securities and Funds Limited, Mr. Garba Kurfi, testified the efficiency of the innovation in the market.
The Managing Director, GTI Securities Limited, Mr. Amos Aledare, who also confirmed efficiency of the platform while citing GTI, for instance noted that the platform has enhanced the firm’s activities since it was launched.
In the same vein, the Managing Director, Investment One Stockbroking International Limited, Mr. Oluwole Awe, responding to the operation of the product testified that the product was not elitist. He added that an average Nigerian should be at least, be fairly educated enough to operate the technology.
Other operators that supported and briefed journalists on the market development include the Managing Director, Meristem Securities Limited, Mr. Wale Abe, MD, CSL Securities Limited and Mr. Olugboyega Balogun.
The Nigerian Stock Exchange (NSE), at the launch of the Alternative Securities Market (ASeM) earlier said there were only five million investors in Nigeria out of about 170 million Nigerians.
This reinforced a statement earlier made by the President of the Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun, while on a visit to the National Deposit Insurance Corporation of Nigeria (NDIC), that among the estimated 170 million Nigerians, only about 5 million were investors, adding that this level of participation, represented only 2.9 percent of the citizenry investing in the capital market.
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