May 18, (THEWILL) – The Central Securities Clearing System PLC (CSCS) has launched the *7270#, its Unstructured Supplementary Service Data (USSD) code service.
The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users. This service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.
Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service. As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.
The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms. It said investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.”
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network. This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.
The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon. This innovative service offers investors streamlined and secure access to critical market information at their fingertips.
Aisha Umar Mumuni, Chief Digital Officer of MTN Nigeria, commented “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 democratize access to the capital markets and, in the process, enhance investor engagement and market transparency.”
CSCS continues to drive technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem. It declared that the initiative underscores its dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.
CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
THEWILL reports that CSCS Plc delivered a robust performance marked by double-digit growth in revenue and profitability as contained in its audited consolidated and separate financial statements for the year ended December 31, 2024,
Total revenue surged by 37% to N26.1 billion in 2024, up from N19.0 billion the previous year. Profit before tax also rose significantly, climbing 24% to N13.8 billion, compared to N11.2 billion in 2023.
The impressive results were largely driven by a 62% year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity.
Ancillary services also contributed strongly, growing 27% from N8.1 billion in 2023 to N10.3 billion, buoyed by optimized service delivery and increased customer engagement.
CSCS maintained a strong balance sheet, with total assets rising 22% to N64.4 billion from N52.8 billion in the previous year. Key financial ratios also improved, with return on average equity at 30%, return on average assets at 20%, and earnings per share increasing to 239 kobo from 202 kobo in 2023.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
