The Central Securities Clearing System Plc (CSCS) has announced a review of selected fees across its services, with reductions and the removal of certain charges aimed at lowering transaction costs, encouraging retail investment and improving participation in Nigeria’s capital market.
The revised pricing framework, announced on September 2, 2026, is part of the financial market infrastructure provider’s broader efforts to reduce what it described as transaction friction and create a more accessible, efficient and inclusive investment environment.
Under the new framework, lien fees for retail investors have been reduced by 50 per cent, from 0.25 per cent to 0.125 per cent.
CSCS has also eliminated nominal transfer fees for qualifying transfers between immediate family members. The charge, which was previously 0.3 per cent, has now been reduced to zero.
In addition, the company has removed broker code creation and renewal fees, while eligibility fees payable by brokers across the exchanges serviced by CSCS have also been eliminated.
The fee adjustments are expected to reduce the cost burden on investors and market intermediaries while providing greater room for brokers, financial technology companies and other market participants to develop products and services that can attract more Nigerians to the capital market.
CSCS targets wider market participation
The latest changes come amid continued efforts to deepen Nigeria’s capital market and increase participation beyond institutional investors.
For years, improving retail participation has remained an important objective for stakeholders across the Nigerian financial system. Lower transaction costs can help reduce barriers faced by smaller investors, particularly those who may be more sensitive to fees associated with buying, transferring or managing investments.
CSCS said the revised pricing is intended to support this objective while strengthening the wider market ecosystem.
Commenting on the review, CSCS Managing Director and Chief Executive Officer, Shehu Yahaya Shantali, said the infrastructure supporting Nigeria’s capital market must continue to respond to the changing needs of investors and other market participants.
“As Nigeria’s capital market continues to grow and evolve, we believe its infrastructure must continually respond to the needs of investors and market participants.”
Shantali said the review focuses on identifying areas where costs and operational barriers can be reduced while improving accessibility and encouraging greater participation.
He added that CSCS would continue to provide the secure and resilient infrastructure required to support the market as it expands.
According to the CSCS chief executive, the company views the initiative as part of its wider responsibility to contribute to the development of a deeper, more inclusive and innovative Nigerian capital market.
He also pointed to continued investment in technology and operational capabilities, alongside collaboration with stakeholders, as important elements of CSCS’s strategy.
Lower costs for brokers and market operators
Beyond retail investors, the revised fees are also expected to benefit brokers and other market intermediaries.
The removal of broker code creation and renewal fees eliminates a cost previously associated with the establishment and continued maintenance of broker codes.
Similarly, the removal of eligibility fees payable by brokers across exchanges serviced by CSCS is expected to reduce some of the operational costs associated with participation in the market.
CSCS said these measures could create a more supportive environment for brokers, FinTech companies and other participants developing solutions designed to expand access to investment opportunities.
The company believes a more cost-efficient market infrastructure can encourage innovation and help create new channels through which individuals can participate in Nigeria’s capital market.
Technology remains central to CSCS strategy
CSCS operates at the heart of Nigeria’s post-trade capital market infrastructure, providing depository, clearing and settlement services that support transactions across the market.
The company said it continues to invest in technology, cybersecurity, operational resilience and service innovation as it works to improve the efficiency and reliability of the ecosystem.
The organisation has also increasingly leveraged digital platforms to provide services to institutional and retail investors, as well as market participants.
These channels include its web portal, online and mobile applications, chatbot services, data exchange platforms and customer service channels.
The shift towards digital access has become increasingly important as more investors seek convenient ways to monitor and manage their investments.
CSCS’s role in Nigeria’s capital market
CSCS has operated for more than two decades as Nigeria’s Central Securities Depository and has played a major role in the transformation of the country’s capital market.
Among its contributions is the full dematerialisation of share certificates, which significantly changed the way securities are held and processed in Nigeria.
The company also supports the settlement of a wide range of securities, including equities, commercial papers, corporate bonds, sub-national bonds and certain sovereign bonds.
Its depository services also cover instruments such as FGN Sukuk, FGN Savings Bonds, exchange-traded funds, real estate investment trusts, mutual funds and commodities.
CSCS is licensed and regulated by the Securities and Exchange Commission and operates within the regulatory framework governing Nigeria’s capital market.
The latest pricing review therefore represents more than a reduction in individual charges. It forms part of CSCS’s broader effort to improve the experience of investors and market operators while supporting the long-term development of Nigeria’s financial markets.
As competition, technology and investor expectations continue to reshape the capital market, the company said it would continue working with regulators, exchanges, market operators and other stakeholders to identify opportunities to improve efficiency.
For retail investors in particular, the reduction of lien fees and elimination of qualifying family transfer charges could help make certain transactions more affordable.
At the same time, the removal of selected broker-related fees could provide market operators with additional flexibility to develop services aimed at attracting new participants.
CSCS said its focus remains on building an efficient and resilient post-trade ecosystem capable of supporting sustainable growth, innovation and broader participation in Nigeria’s capital market.
