Vetiva Securities Limited has announced the launch of Griffin Mobile, a Mobile App which enables individual investors to manage their stockbroking accounts on their smartphones and execute trades directly on the Nigerian Stock Exchange (NSE).
According to the company, the Application is available for Android phones and can be downloaded on Google Playstore. The company explained that the introduction of the mobile App is in line with its strategy to invest in technology that enhances retail investor access to the Nigerian stock market in a convenient and cost effective manner.
The key features of the mobile APP are the ability to trade stocks on the NSE, invest in treasury bills, view snapshots of stock prices, view portfolio valuations and processing of account withdrawals.
Speaking on the development, the Head of Retail Business at Vetiva, Folagbade Adeyemi said: â€œThe launch of the Griffin Mobile App is aligned with the Central Bank of Nigeriaâ€™s national financial Inclusion strategy, which is aimed at reducing the financial excluded rate to 20% by 2020. Given the ability to register a new account on the app, users are exposed to an enhanced account onboarding experience compared to traditional walk-in services. Through the app, new users can register their personal details as a preliminary phase before standard KYCs documents are requested. Our surveys have shown this to be a more efficient method of on-boarding clients and the impact on service delivery efficiency cannot be over-emphasised.â€Vetiva Securities Launches Mobile Stock Trading App
He explained that with the smartphones dominating the Nigerian mobile phone market, the company has built a platform that will serve individual investorsâ€™ needs in real time, whilst making stock trading more self-service focused.
â€œAlso, users benefit from the opportunity to self-learn on market trends as they gain visibility on market movements, thus providing a tool to make more informed trading decisions,â€ Adeyemi said.
Vetiva Securities is registered with the Securities and Exchange Commission to act as broker/dealer/market maker and is a dealing member of the NSE.
Meanwhile, trading at the stock market remained bearish with the NSE All-Share Index falling by 1.07 per cent to close at 40,802.08, while market capitalisation closed lower at N14.74 trillion.
The depreciation recorded in the share prices of GTBank, Lafarge Africa, Ecobank Transnational Incorporated , Dangote Sugar, and UBA were mainly responsible for the decline. The three most actively traded stocks were Champion Breweries (153.9 million shares), Skye Bank (104.64 million shares) and Sterling Bank (41.24 million shares).