The Central Securities Clearing System (CSCS) has announced a fresh revision to its fee structure, reducing lien charges for retail investors, eliminating fees on securities transfers between immediate family members and scrapping broker code and eligibility charges.

The changes are aimed at lowering transaction costs, encouraging greater retail participation in Nigeria’s capital market and giving brokers and fintech companies more room to develop new solutions, according to a pricing document seen by Nairametrics on Wednesday.

Under the revised structure, the fee charged on retail liens for transactions below N100 million has been reduced from 0.25 per cent to 0.125 per cent.

CSCS has also removed charges on nominal securities transfers between immediate family members. The category covers spouses, parents, children, siblings and step-children. Such transfers previously attracted a 0.3 per cent charge.

Another major adjustment affects brokers. CSCS has eliminated fees for the creation and renewal of broker codes, as well as eligibility fees payable by brokers operating across the Nigerian Exchange (NGX), NASD and LCFE.

Before the latest revision, broker code creation and renewal cost N145,600, in addition to 7.5 per cent VAT, while eligibility fees stood at N36,400 plus 7.5 per cent VAT.

CSCS described its role in the Nigerian capital market as “sacrosanct” and said its pricing structure and services must promote “greater participation, efficiency, innovation and liquidity across the market.”

The clearing house said the latest adjustments form part of an ongoing review of its pricing structure, with the broader objective of expanding the domestic capital market and reinforcing Nigeria’s post-trade infrastructure.

The latest changes come roughly six months after CSCS carried out a broader review of its 2026 fee structure, which resulted in higher charges for several services.

That earlier review generated mixed responses from market operators. While some participants welcomed the changes, others expressed concerns that significant increases in transaction costs could discourage retail investors who are still becoming accustomed to participating in the formal financial system, according to the report.

At the time, CSCS managing director and chief executive Shehu Shantali said the initial review had left core fees unchanged and was mainly focused on services that had previously been underpriced, alongside newly introduced chargeable items.

Shantali also said the new services were intended to accelerate transactions and provide stakeholders with improved access to data.

In outlining the rationale behind the latest adjustments, CSCS said the reduction in lien fees and removal of charges on family transfers would make it easier for investors to hold and transfer securities, “unlocking value and supporting market liquidity.”

The company said removing broker code and eligibility fees would also reduce the operating expenses of intermediaries and provide “room for innovation.”

CSCS said technology and data would remain central to its efforts to improve the investor experience, strengthen retail participation and financial inclusion, and give fintech companies and brokers greater capacity to develop innovative solutions.

The organisation added that it was seeking to take on a bigger role in the development and integration of African capital markets as Nigeria’s financial market continues to evolve.

Efforts to broaden retail participation have also received attention from industry stakeholders and regulators in recent years. The Securities and Exchange Commission and the Nigerian Exchange Group have promoted initiatives designed to increase retail involvement in equities trading.

The NGX has launched a digital primary-market platform for public offers and rights issues, while brokerage applications such as Bamboo have made it easier for retail investors with active NGX/CSCS accounts to subscribe to offers, the report noted.

Source: leadership.ng