The Nigerian Stock Exchange (NSE) in conjunction with Fund Managers Association of Nigeria (FMAN); Association of Stockbroking Houses of Nigeria (ASHON) and the Central Securities Clearing System (CSCS) Plc at the weekend, launched the NSE Mutual Fund trading and distribution platform.
A mutual fund is a pool of funds brought together by a professional fund manager from several investors to invest in selected underlying securities.
The launched platform is expected to bring together market participants to facilitate electronic transactions with seamless interaction between NSE, CSCS Plc, Fund Managers and Brokers Dealers
Investors will have the benefit of a single view of their mutual fund investment and ease variety of transactions like subscription, redemption, cancellation etc.
Speaking during the event in Lagos, Head, Listing Business Division at NSE Olumide Bolumole, while expressing delight, noted that the platform will enhance visibility for the listed mutual funds and promote financial inclusion, while stimulating retail investor participation in our market.
He said, “This reinforces our commitment to provide market professionals, issuers, fund managers and investors with a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital. Through this platform investors can pool funds into chosen basket of securities which have proven to be a veritable means to optimise returns and reduce risks”.
Also speaking, Managing Director, Haruna Jalo-Waziri, CSCS Plc said that the launch of the plaform marks yet another milestone for the Nigerian capital market adding that it will serve as a step towards improving the level of financial inclusion in Nigeria by giving investors varieties of investment products.