Some stockbrokers in the nation’s capital market have said dysfunctional internet connectivity and tedious method of account opening are some of the major hindrances to online trading in the market.
The Group Managing Director, Meristem Stockbrokers Limited, Mr. Wole Abegunde, while addressing participants during the unveiling of MeriGame investment game on the Nigerian Stock Exchange in Lagos, said that it would take three months to complete an account opening process on an online trading platform.
Abegunde warned that online trading in the market might not record any boom, unless the account opening process became easier for more investors to participate.
“A number of hindrances that limit participants in the market are the process of opening an account – the Know Your Customer – providing KYC online is very challenging, almost impossible.
It takes you three months to open an online account; that problem must be solved before we can see the boom in online trading,” he said.
