The news
- CSCS introduces USSD code *7270# to facilitate investment access without Internet.
- The service allows users to check Clearing House Number (CHN), Direct Cash Settlement (DCS) status, stock holdings, and account balances.
- The service is initially available to MTN subscribers, with plans to expand to other networks.
In a move to broaden financial inclusion, the Central Securities Clearing System (CSCS) has partnered with MTN Nigeria to launch a USSD code, *7270#, enabling investors to access investment services without Internet connectivity. Set to go live on May 8, 2025, this initiative aims to make stock market participation more accessible, particularly for individuals in remote areas or those without smartphones.
Haruna Jalo-Waziri, CEO of CSCS, emphasised the significance of this development, stating, “We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratise access to account and portfolio information. This service empowers every investor, regardless of their location or resources, to stay informed about their investments.”
The USSD service enables users to retrieve their Clearing House Number (CHN), verify Direct Cash Settlement (DCS) status, view stock positions, and confirm account balances directly from their mobile phones. This eliminates the need for Internet access or specialised trading platforms, making it especially beneficial for individuals in rural areas or those without smartphones.
Aisha Mumuni, Chief Digital Officer at MTN Nigeria, highlighted the collaborative effort, noting, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users. By making critical investment information available at the touch of a button, we are helping to democratise access to the capital markets and, in the process, enhance investor engagement and market transparency.”
Initially, the service will be exclusive to MTN users, but CSCS plans to extend access to users on other mobile networks soon. This initiative aligns with broader efforts to modernise Nigeria’s capital market infrastructure and promote financial inclusivity.
By leveraging mobile technology, CSCS and MTN Nigeria aim to provide a straightforward and accessible means for all investors to engage with the capital market, fostering greater participation and economic empowerment across diverse demographics.
