CSCS to slash retail lien fees, scrap family transfer charges in fresh pricing review

Nigeria's Central Securities Clearing System (CSCS) has announced a revised pricing framework that includes substantial reductions in lien fees for retail investors and the elimination of charges for securities transfers between immediate family members, as well as the removal of broker code and eligibility fees entirely, Nairametrics has learned.

This comes just six months after CSCS implemented a comprehensive overhaul of its fee structure in 2026, which resulted in an increase in charges for both institutional and retail services. The latest review appears to be part of a larger initiative to reduce transaction friction within the Nigerian capital market, encourage retail investor participation, support innovation by brokers and fintechs, and ultimately enhance market liquidity.

The new pricing document reveals four key changes: CSCS emphasized its commitment to supporting greater participation, efficiency, innovation, and liquidity across the market. Earlier this year, Nairametrics reported on CSCS's fee overhaul, which had introduced steep increases across various services, such as over 3,000% hikes in OTC trade fees and a shift from flat custody charges to a percentage of asset value.

According to a top official, the initial review primarily impacted previously underpriced services and introduced fees for services that were previously free. However, most core fees remained unchanged, as the adjustments were designed to make capital market participation more affordable and accessible for both investors and operators.

CSCS stated that it would continue to leverage technology and data to improve the investor experience, promote retail participation and financial inclusion, and enable innovation by brokers and fintechs. The company also aimed to play a more significant role in the development and integration of African capital markets as the domestic market evolves, emphasizing that its pricing and services must foster greater participation, efficiency, innovation, and liquidity across the market.