CSCS Cuts Fees, Charges To Boost Retail Participation

The Central Securities Clearing System (CSCS) has announced price changes that will halve lien fees for retail investors, remove charges for securities transfers between immediate family members, and eliminate broker code and eligibility fees, Nairametrics reported.

CSCS said the moves were meant to reduce transaction friction, deepen retail participation and support innovation by brokers and fintechs. A pricing document seen by Nairametrics on Wednesday showed the key changes.

According to the document, CSCS will cut retail lien fees from 0.25 per cent to 0.125 per cent for transactions below N100 million. It said nominal transfers between immediate family members — including spouses, parents, children, siblings and step-children — will now be free, down from a previous charge of 0.3 per cent.

The document also showed that CSCS had removed broker code creation and renewal fees and scrapped eligibility fees payable by brokers across NGX, NASD and LCFE. CSCS had earlier priced broker code creation and renewal at N145,600 plus 7.5 per cent VAT and eligibility fees at N36,400 plus 7.5 per cent VAT.

CSCS described itself as a “sacrosanct” part of Nigeria’s capital market development and said its pricing and services must support “greater participation, efficiency, innovation and liquidity across the market.” The company added that the changes were part of an ongoing review to deepen the domestic capital market and strengthen post‑trade infrastructure.

The revisions come about six months after CSCS implemented a wide overhaul of its 2026 fee structure that raised charges across several services.

That earlier review had drawn mixed reactions from market operators, the report said. Some welcomed the update, while others warned that steep increases in transaction costs could discourage retail investors who are still new to the formal financial system.

At the time, CSCS managing director and chief executive Shehu Shantali said the initial review left core fees unchanged and primarily addressed previously underpriced services and newly charged items. He said the new services were designed to speed up transactions and give stakeholders better access to data.

Explaining the new adjustments, CSCS said lowering lien fees and removing family-transfer charges would reduce friction around holding and moving securities, “unlocking value and supporting market liquidity.” It added that scrapping broker code and eligibility fees would lower operating costs for intermediaries and create “room for innovation.”

The company said it would continue to leverage technology and data to improve investor experience, support retail participation and financial inclusion, and enable fintechs and brokers to innovate. CSCS also said it was positioning to play a larger role in the development and integration of African capital markets as Nigeria’s market evolves.

Industry players and regulators have been pushing to expand retail inclusion in recent years. The Securities and Exchange Commission and the Nigerian Exchange Group have promoted initiatives to improve retail participation in equities trading, the report noted. The NGX launched a digital primary‑market platform for public offers and rights issues, while brokerage apps such as Bamboo have made it easier for retail investors with active NGX/CSCS accounts to subscribe to offers.