During the launch at the Nigerian Stock Exchange Building, Lagos, Mr. Oluwole Abegunde, Managing Director, Meristem Securities disclosed that the innovation will offer investors control and convenience over their investments. According to him, ‘the Meritrade app will give users a unique experience, convenience and control over their investments. Our customers can now trade and manage their investments 24 hours daily, with their mobile devices without having to come to our office.’
In a keynote address at the launch, Mr. Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange endorsed the Meritrade app as a reliable and convenient mode of trading on equities in Nigeria. He described the platform as an innovation that he is confident will encourage people from all walks of life, particularly the youth, including students, first time employees and civil servants to invest in stocks.
Onyema said ‘In June 2013, while discussing technology and some of the NSE’s pillar for growth, I mentioned Mobile and Online trading as part of the next wave in our business development efforts. This position is rooted on the NSE’s realization that the Securities industry is largely driven by technology. Speed, accessibility and robustness of technology systems are critical success factors of modern trading and the Meritrade platform has been demonstrated as one that provides the aforementioned.’
While presenting the product overview, Mrs Gbadunola Sokunbi, Divisional Head Stockbroking, Meristem Securities said the app will allow investors buy and sell shares and bonds from as low as N50,000. She explained that ‘to be eligible, interested people should have access to internet, an active e-mail address, an operational bank account, a moderate understanding of the stock market and a stockbroking account with Meristem Securities.’ She advised that payment can be made online from the Meritrade website via debit cards, online bank transfer or deposit in the bank.
Stressing the benefits of having a Meritrade account, she added that customers will also have access to the stockbroking firm’s independent research and market intelligence.
Part of the highlights of the launch was a raffle draw that saw five people emerge as winners with an instant reward of N50,000 account with Meristem Securities which automatically qualifies them for a Meritrade account opening.