The Nigerian Exchange Group (NGX) has added WhatsApp as a new channel for its NGX Invest platform, allowing investors to access eligible initial public offerings (IPOs), public offers and rig
The Nigerian Exchange Group (NGX) has added WhatsApp as a new channel for its NGX Invest platform, allowing investors to access eligible initial public offerings (IPOs), public offers and rights issues without downloading a separate application.
The new channel allows investors to begin the subscription process through WhatsApp, although applications are still processed through a stockbroker and NGX Invest’s existing infrastructure.
Technext tested the process on Wednesday, Sept 23, to see how the new service works, what information investors need to provide and what offers and financial institutions are currently available on the platform.
To begin, investors need to save the official NGX Invest WhatsApp number, +234 812 731 9521, and send the word “Invest” to start a conversation.
The chatbot then displays eligible offers and guides the investor through the subscription process.
During Technext’s test, the platform displayed only the Dangote Petroleum Refinery IPO as the available offer.
Before proceeding, investors are required to provide information for their investor profile, including their Bank Verification Number (BVN), bank and 10-digit NUBAN account number. They are also asked to provide an email address, which NGX says is required for dividend payments.
The WhatsApp channel does not remove the role of stockbrokers from the subscription process.
After providing their investor information, users are asked to select a licensed stockbroker from a list displayed in the chat. The application is then processed through the selected broker.
Technext’s test showed five stockbrokers on the list: Meristem Stockbrokers, Zedcrest Securities, Vetiva Securities, Chapel Hill Denham Securities and First Securities Brokers.
The process then moves to payment before the subscription can be completed. Technext did not proceed with the payment stage during its test.
NGX listed only one offer as at Technext’s test
At 2:30 p.m. on Sept 23, the only offer displayed through the WhatsApp channel was the Dangote Petroleum Refinery IPO.
The offer is priced at ₦525 per share, with a minimum subscription of 10 shares and additional subscriptions in multiples of 10.
The availability of offers can change as new public offers, rights issues, and IPOs are introduced or existing offers close. This means investors will need to check the WhatsApp channel to see which offers are available when they want to subscribe.
The bank options are also limitedThe investor-information section also requires users to select a bank for dividend payments.
Technext counted 36 financial institutions on the list during its test, including commercial banks, merchant banks and digital-first financial institutions such as Moniepoint and PagaTech.
However, some widely used fintech platforms, including OPay, PalmPay and Kuda, were not displayed on the list during the test.
Users whose preferred bank is not available may therefore be unable to select it for dividend payments through the current WhatsApp flow.
What should investors know before using the service?
The WhatsApp channel means investors can start a public-offer subscription without downloading a separate application, but they still need to provide sensitive financial information during the process.
The information requested during Technext’s test included a BVN, bank details, NUBAN account number and email address.
Because the process involves financial information, investors should ensure they are using the official NGX Invest WhatsApp account before entering any details. NGX’s published WhatsApp number for the service is +234 812 731 9521.
Read also: What will it take to put the Nigerian Exchange (NGX) on-chain? A chat with Harrison Obiefule
NGX has also warned investors not to share passwords, PINs, one-time passwords (OTPs) or other sensitive credentials with third parties. The Exchange says subscriptions are processed through NGX Invest’s regulated infrastructure rather than directly on WhatsApp.
NGX Invest’s digital expansionNGX Invest was launched in 2024 as NGX Group’s digital e-offering platform, with approval from the Securities and Exchange Commission (SEC). The platform allows issuers to distribute public offers to investors through digital channels, including connections to stockbrokers, banks, fintech companies and other financial institutions.
NGX said the platform has facilitated more than 23 primary-market transactions and supported more than ₦3 trillion in capital raising since its launch. The addition of WhatsApp gives investors another way to access the platform, while keeping stockbrokers involved in processing their applications.
For investors, the main change is that the process can now be started from a WhatsApp conversation rather than through a separate NGX Invest application or website.
