Nigeria is seeing a rise of digital-first brokerage firms at the Nigerian Exchange Limited (NGX), fuelled by the increasing number of young investors.
This is evidenced in the number of new brokerage accounts opened in 2025, which show that only five firms account for about 70 percent (105,442) of the 151,749 new accounts.
Bamboo (via Lambeth Capital), Afrinvest Securities, and Meristem Stockbrokers top the list. Others are Coronation Securities and FSL Securities. These five firms account for 71.4 percent of the total accounts, according to data at the Central Securities Clearing System (CSCS) seen by BusinessDay.
Analysts say that this development shows retail participation is clearly shifting toward digital platform that attracts the youthful demography.
Data as at May 20, 2025, show that Lambeth Capital accounts for 47,988 new brokerage accounts; Afrinvest Securities (34,473); Meristem Stockbrokers (9,041); FSL Securities (7,237); and Coronation Securities (6,703).
Other firms and their brokerage accounts opened this year are: CSL Stockbrokers Limited (5,025); Quantum Zenith (3,276); Stanbic IBTC Stockbrokers Limited (2,991); CardinalStone Securities Limited (2,841); Chapel Hill Denham Securities Limited (2,258); Parthian Securities (2,174) and CITI Investment Capital Limited (1,528).
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The NGX Group had taken a significant step towards revolutionising Nigeria’s capital market with the launch of its innovative e-offering platform, NGX Invest. The platform came at a crucial time as the banking sector undergoes recapitalisation.
The platform integrates several functionalities, including payment gateways, know-Your-Customer (KYC) processes, and brokerage account management, offering users a seamless and paperless experience.
It is also designed to be user-friendly and customisable, allowing banks to integrate their payment systems. The platform also facilitates real-time KYC verification and seamless brokerage account setup for both new and existing investors. It is not an app but a platform.
NGX Invest integrates with brokerage firms and banks through APIs, connecting with the Central Securities Clearing System (CSCS) for brokerage information and the Nigeria Inter-Bank Settlement System (NIBSS for verification, while supporting multiple payment gateways.
This ensures a smooth flow of capital between investors and financial markets, improving overall market efficiency and accessibility.
Further checks on the list of brokers that opened more than 500 accounts are: Investment One Stockbrokers International (1,270), A.R.M Securities Limited (1,254), APT Securities And Funds (1,206), Cowry Securities Limited (987), Atlass Portfolios Limited (981), United Capital Securities Limited (744), Norrenberger Securities Limited (665), City-Code Trust & Investment Company Limited (577), and GTI Securities Limited (501).
“In Nigeria, 74 percent of the population is under 24 years. This demographic requires us to digitise our processes and engage them through technology they understand, like apps and digital platforms. We must adapt to their world to bring them into the investment market,” Emomotimi Agama, director-general, SEC, said when NGX unveiled digital investment platform.
“Our goal is to reach millions, not just a few hundred investors. Our mission is to achieve a $1tn economy, as mandated by President Bola Ahmed Tinubu. We all have a role to play in reaching this goal, and with this new platform, we’re on the right path,”
“We are excited to introduce a new digital product that can distribute various services, emphasising the importance of quality UI/UX and collaboration. I want to appreciate the leadership and support from our regulator, acknowledging the evolution of our digital market and the contributions of those who came before us. Our regulator’s deep understanding of the market and digital assets is a significant advantage for us,” Temi Popoola, group managing director, Nigerian Exchange Group Plc, had also noted.
