“Stanbic IBTC brokers is Nigeria’s largest stockbroking firm with a market share of over 10% of the value of shares traded on the floor of the Nigerian Exchange Limited”.
Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a zero-naira trading account to new customers. This means new stock broking accounts need not have a minimum deposit to begin trading on the Nigeria Exchange Limited (NGX).
Customers can decide to trade on the exchange via the stock broking mobile app or the electronic trading (e-Trade) platform on the company’s website.
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Stanbic IBTC brokers is Nigeria’s largest stockbroking firm with a market share of over 10% of the value of shares traded on the floor of the Nigerian Exchange Limited.
This new initiative by the stock broking firm is aimed at enlightening, introducing and empowering prospective investors, especially millennials and Gen-Z into trading opportunities on the Nigeria stock market.
By removing the opening balance requirement and reducing its online brokerage fees, individual investors will be encouraged to take advantage of this opportunity and enjoy the aspirational services provided by Stanbic IBTC Stockbrokers.
Titi Ogungbesan, Chief Executive, Stanbic IBTC Stockbrokers, while commenting on the rationale behind the move, described it as the organisation’s way of empowering individual investors to trade in Nigerian stocks.
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According to her, “This development will enable interested persons to invest in the Capital Market through Stanbic IBTC Stockbrokers at their own pace. In addition to removing the minimum opening account balance, we have also reduced the brokerage fee for transactions executed via our online platforms from 1 per cent of the brokerage fees to 0.7 per cent; a 30 per cent reduction in commission charged”.
