Nigeria’s capital market regulator is taking a practical step to bring investing closer to everyday Nigerians. The Securities and Exchange Commission (SEC) has launched a new USSD service, 347138#, designed to make capital market information and engagement accessible to users across both smartphones and basic feature phones.
What happened
The SEC unveiled the USSD service at the recent second Capital Market Committee meeting held in Lagos. The initiative was developed in partnership with players in Nigeria’s fintech ecosystem, led by the Fintech Association of Nigeria under the chairmanship of Dr. Segun Aina.
At the launch, Dr. Emomotimi Agama, Director -General of SEC, described the service as part of the commission’s broader digitisation and modernisation drive, aimed at strengthening market development and expanding participation across all segments of the investing public.
What the SEC is saying
Dr. Agama said that the USSD platform reflects the regulator’s commitment to deepening the capital market by removing barriers to entry and making market access simpler and more inclusive.
According to him, the service supports the SEC’s strategy to increase investor participation, improve awareness of market opportunities, and extend capital market access beyond digitally sophisticated users to a wider population.
Fintech community reaction
Speaking at the event, Dr. Segun Aina described the USSD service as a timely and innovative product that aligns with the realities of Nigeria’s digital and financial landscape. He commended the SEC for working closely with the fintech community to deliver a solution that prioritises inclusion.
He described SEC Nigeria as one of the more forward-looking regulators globally when it comes to innovation and technology adoption. Recalling earlier engagements, Aina noted that the commission’s openness to fintech collaboration has translated into tangible market innovations over time.
Why it matters
Beyond access, stakeholders believe the service could play a role in investor education and market protection. Dr. Aina said that the USSD platform would help raise awareness about legitimate investment products, improve market sensitisation, and support efforts to curb Ponzi schemes.
In enabling access through both smartphones and basic mobile phones, the service broadens participation to short-term and long-term investors alike, including those previously excluded by technology gaps.
He also said that the platform could support financial literacy by helping new investors understand market activities and encouraging Nigerians to report illegal investment schemes directly to the SEC.
What to expect
With the launch of 347138#, the SEC is signalling a shift toward more citizen-facing regulatory tools. If widely adopted, the service could help onboard a new class of investors, strengthen trust in the market, and reinforce the commission’s role not just as a regulator, but as an enabler of inclusive market growth.
For a capital market seeking depth, confidence, and broader participation, the move places simplicity and access at the centre of reform.
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