Nigeria’s Central Securities Clearing System (CSCS) has explained the rationale behind its sweeping review of services and fees. The move is part of a broader strategy to modernize market infrastructure, enhance service delivery, and support long-term capital market growth.

The Managing Director and Chief Executive Officer, Mr. Shehu Shantali, stated that the new packages aim to improve investor experience through better access to data, faster transactions, and enhanced service reliability. The review introduces new service categories alongside adjustments to existing charges, reflecting a shift toward value-based pricing and a stronger focus on institutional clients and high-volume transactions.

According to the CEO, the changes are designed to align CSCS operations with global best practices while ensuring sustainability in a rapidly evolving financial ecosystem. The organization remains committed to building a seamless and secure post-trade environment.

The review primarily affected a select group of previously underpriced services, and in some cases introduced charges for services that were previously offered at no cost. Most of CSCS’s core fees remain unchanged, maintaining cost stability across key market activities.

The new services are designed to make things easier for investors and to help stakeholders access better data, faster transactions, and deeper value across the ecosystem. These include:

• Joint Accounts, enabling families, partners, and co-investors to jointly manage portfolios, improving transparency and collaboration.
• Premium Investor Tiers, offering tailored services and enhanced engagement for active investors seeking more personalized support.
• API Access, allowing fintechs, brokers, and institutions to connect directly to CSCS systems, enabling automation and faster service delivery.
• Expanded Data Services, providing deeper market insights and improved access to information for better decision-making.
• Legacy services remain available, now enhanced with improved efficiency and broader functionality.

This range of new services is designed to make things easier for investors and to help stakeholders access better data, faster transactions, and deeper value across the ecosystem. However, capital market experts have weighed in, offering both support for the sweeping fees review and caution about the potential impacts on the capital market ecosystem. They insist that such significant increases in transaction costs could discourage retail investors, many of whom are still new to formal financial systems.

Beyond the introduction of new services, the fee review also reflects significant structural changes across CSCS’s pricing model. One of the most notable shifts is the transition from flat fees to value-based pricing, particularly in custody-related services, where charges moved from a fixed N1,300 to 0.03% of asset value.