The Central Securities Clearing System Plc (CSCS) has cut selected fees and scrapped others in a fresh move to reduce transaction costs, deepen retail investor participation and improve liquidity in Nigeria’s capital market.
The revised pricing framework, announced on Wednesday, halves lien fees for retail investors, removes charges for qualifying securities transfers between immediate family members and eliminates broker code creation, renewal and eligibility fees.
The move comes about six months after CSCS implemented a broad overhaul of its 2026 fee structure that raised charges across several services and drew mixed reactions from market operators, with concerns that higher transaction costs could discourage retail investors.
Under the latest review, lien fees for retail investors have been reduced by 50 per cent, from 0.25 per cent to 0.125 per cent for qualifying transactions below N100 million.
CSCS also reduced nominal transfer fees for qualifying transfers between immediate family members from 0.3 per cent to zero. The transfers cover spouses, parents, children, siblings and step-children.
Broker code creation and renewal fees, previously priced at N145,600 plus 7.5 per cent VAT, have also been removed. Eligibility fees payable by brokers across the exchanges serviced by CSCS, previously charged at N36,400 plus 7.5 per cent VAT, have equally been scrapped.
The company said the changes were designed to lower the cost of participation for investors and market operators while creating a more supportive environment for brokers, fintech companies and other participants developing solutions to broaden access to Nigeria’s capital market.
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Commenting on the review, Managing Director and Chief Executive Officer of CSCS Plc, Shehu Yahaya Shantali, said the organisation was responding to the changing needs of investors and 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. This review is about identifying areas where we can reduce friction, improve accessibility and support greater participation, while continuing to provide the secure, resilient and efficient infrastructure on which the market depends,” Shantali said.
He said the review formed part of CSCS’s broader responsibility to support the development of a deeper and more inclusive capital market.
“We see this as part of our broader responsibility to support the development of a deeper, more inclusive and innovative Nigerian capital market. We will continue to invest in our technology and capabilities while working closely with our stakeholders to ensure that CSCS remains responsive to the changing needs of the market,” he added.
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 removing broker code and eligibility fees would lower operating costs for intermediaries and create “room for innovation.”
The revised pricing is also expected to encourage innovation across the market and improve the overall experience of investors and market operators.
The latest cuts mark a shift from the company’s earlier fee review this year, which increased charges across several services and attracted mixed reactions from market operators.
At the time, some operators welcomed the changes, while others warned that steep increases in transaction costs could discourage retail investors who were still new to the formal financial system.
Shantali had said the earlier 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.
CSCS 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.
As a critical financial market infrastructure, CSCS provides depository, clearing and settlement services that underpin transactions across Nigeria’s capital market.
The company said it was also positioning itself to play a larger role in the development and integration of African capital markets as Nigeria’s market continues to evolve.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X