The Central Securities Clearing System (CSCS) has taken a significant leap toward democratizing access to investment services in Nigeria by announcing a strategic collaboration with MTN Nigeria. Together, they plan to unveil a USSD code service — *7270# — aimed at enhancing financial inclusion for investors across the country. Scheduled for launch on May 8, 2025, this innovative mobile service will allow retail investors to manage and monitor their investment portfolios without requiring internet connectivity or sophisticated trading platforms.

This development underscores the growing synergy between fintech and telecommunications, a trend that continues to reshape access to financial markets in emerging economies. By leveraging MTN’s robust network infrastructure, CSCS aims to break down longstanding barriers that have kept many Nigerians on the fringes of capital market participation.

Empowering Investors with Simplicity

The new USSD service, *7270#, will function as a mobile-based gateway for investors, enabling them to carry out essential activities such as retrieving their Clearing House Number (CHN), checking the status of their Direct Cash Settlement (DCS), reviewing stock holdings, and confirming account balances and status. These services, traditionally available only through internet-connected devices or broker platforms, will now be accessible to MTN subscribers using any mobile phone.

Initially, the service will be exclusive to MTN users. However, CSCS has confirmed its intention to expand the service to subscribers of other mobile networks in the near future. This phased rollout approach is expected to allow the system to scale effectively while maintaining service quality.

Closing the Connectivity Gap

Speaking on the significance of this new service, Haruna Jalo-Waziri, the Managing Director and CEO of CSCS, emphasized its role in enhancing accessibility and promoting inclusivity in the Nigerian investment ecosystem. He stated that many potential investors often struggle to stay informed due to a lack of internet access or familiarity with traditional trading platforms.

“We are launching the *7270# USSD code service as part of our efforts to make account and portfolio information more accessible,” he explained. “This service allows any investor, regardless of location or available resources, to stay updated on their investments.”

Jalo-Waziri also highlighted the strategic importance of partnering with MTN Nigeria. According to him, the collaboration reflects CSCS’s intention to utilize existing mobile infrastructure to reach a broader audience, particularly in underserved and rural communities. He added that the simplicity and universality of USSD technology make it a practical tool for bridging the accessibility gap in capital markets.

MTN’s Role in Enhancing Financial Access

Commenting on the partnership from the telecommunications side, Aisha Umar Mumuni, Chief Digital Officer at MTN Nigeria, noted that the initiative aligns perfectly with the company’s mission to use mobile technology to improve lives and simplify access to essential services.

“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,” Mumuni remarked. She also emphasized MTN’s longstanding commitment to digital transformation and inclusive service delivery, noting that this project marks yet another milestone in that journey.

Context: CSCS and Nigeria’s Capital Market Infrastructure

To better understand the impact of this development, it is important to look at the role CSCS plays in Nigeria’s capital market infrastructure. The Central Securities Clearing System operates as the country’s Central Securities Depository (CSD), maintaining digital records of all securities traded on the Nigerian capital market. Its core function involves operating an electronic book-entry system that records holdings in shares, bonds, unitized funds, and treasury bills.

This digitized record-keeping eliminates the risks associated with physical certificates, such as forgery, duplication, loss, or theft. It also facilitates faster transactions, enhances transparency, and supports more efficient clearing and settlement processes. CSCS ensures that investors can manage their holdings through registered brokerage accounts and has steadily advanced digital innovations to support seamless participation.

The introduction of the USSD code builds upon previous efforts by CSCS to increase transparency and efficiency in the capital market. While the agency had already introduced internet-based tools for real-time portfolio tracking and account management, the latest move represents a pivot toward reaching the digitally excluded — a demographic that still forms a large segment of Nigeria’s population.

Past Efforts and the Broader Fintech Landscape

This is not the first time CSCS has embarked on technological upgrades. Over the past decade, the organization has invested in various digital initiatives aimed at improving service delivery and investor confidence. In 2020, for instance, it launched an online portal that allowed investors to track portfolio changes and dividend histories. However, these services required internet access, which excluded many investors in rural and low-income areas.

Nigeria’s broader fintech ecosystem has also been evolving. Initiatives like the introduction of e-dividend registration, biometric verification for capital market access, and mobile-enabled banking apps have contributed significantly to improving financial inclusion. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), USSD transactions remain one of the most popular means of financial engagement, especially in regions with low smartphone penetration.

Given this backdrop, the launch of *7270# positions CSCS and MTN as frontrunners in delivering a more inclusive investment experience. The service could also serve as a catalyst for other financial institutions to adopt similar mobile-friendly platforms.

Looking Ahead: Expansion and Impact

As CSCS prepares to expand the USSD service beyond MTN to other telecom operators, expectations are high that the move will increase retail investor participation in Nigeria’s capital market. Analysts suggest that greater accessibility to market information could help boost investor confidence and participation rates, especially among younger Nigerians seeking simple, transparent entry points into investment.

Moreover, the partnership could encourage further innovations in mobile financial services. As financial literacy and digital adoption grow, services like *7270# can serve as building blocks for more sophisticated mobile-based trading tools in the future.

While challenges remain — such as data security, regulatory oversight, and potential system overloads during peak usage — the foundational step of creating an accessible platform is a commendable leap toward deepening the Nigerian capital market.

Final Thoughts

The collaboration between CSCS and MTN Nigeria to launch the *7270# USSD service signals a bold step forward in the democratization of investment services. By removing the requirement for internet access and making investment-related information readily available through a simple mobile interface, both organizations have paved the way for greater financial inclusion and investor empowerment.

As Nigeria continues to position itself as a regional financial hub, initiatives like this will be crucial in ensuring that all citizens — regardless of income level or location — have an opportunity to participate in wealth creation and economic growth. With this move, CSCS and MTN Nigeria are not just bridging the digital divide; they are reshaping the future of retail investing in Africa’s largest economy.