NGX to Launch USSD Integrated Payment System

The Nigerian Exchange Limited has announced plans to launch an unstructured supplementary service data to unlock Africa’s capital markets payment system through partnerships with banks and telecommunication companies.

The Chief Executive Officer, NGX, Temi popoola, while speaking during the virtual event on ‘2022 market recap and 2023 outlook’, said the adoption of USSD would further simplify the continent’s capital markets through integration with Afreximbank’s Pan African payment settlement system.

He added that the Exchange was targeting the development of new products aimed at attracting the lower rung of the Nigerian demography.

According to him, “NGX is also focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market.

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“On strategic partnerships, we will be forging more with development finance institutions, and banks, both local and international to further develop the market. We aim to do more on trading where we improve data dissemination to attract a more extensive investor base, especially from the retail side.

“We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation come in through increased advocacy and engagements.

“NGX sees sustainability as not just important but also a profitable frontier of its business. Work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.