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Investing Guide

How to Open a Stock Brokerage Account in Nigeria (2026)

📅 February 18, 2026 ✍️ NGX Pulse Team ⏱️ 8 min read

Opening a stock brokerage account in Nigeria is easier than most people think. You can be ready to buy your first stock in as little as 24 hours — all from your phone, without visiting any office.

What You Need Before You Start

Before you begin the account opening process, gather these four things:

1. Bank Verification Number (BVN)

Your BVN is mandatory. Without it, no Nigerian broker can open an account for you. To get your BVN, dial *565*0# on the phone number linked to your bank account.

2. Valid Government-Issued ID

• National Identity Number (NIN) slip or card
• International passport
• Driver's licence
• Voter's card

3. A Recent Utility Bill or Bank Statement

This serves as proof of address. It must be dated within the last 3 months and show your name and residential address.

4. A Clear Selfie or Passport Photograph

Digital brokers use this for facial verification. Make sure your face is fully visible, in good lighting, with no hat or sunglasses.

Step 1: Choose Your Broker

This is the most important decision. Different brokers suit different types of investors:

• Chaka — if you're starting with under ₦50,000 and want simplicity
• Bamboo — if you want the best mobile app experience
• CardinalStone — if you're starting with ₦100,000+ and want professional tools

Step 2: Complete the Online Application

The entire form takes 10–15 minutes to complete. You'll fill in:

• Personal Information — Full name, DOB, address, phone, email
• Identity Verification — Upload photos of your ID
• BVN Verification — Enter your BVN (automatic)
• Next of Kin — Name, relationship, phone
• Signature — Digital signature on your phone

Step 3: Understand Your CSCS Account

When you open a brokerage account, you're actually opening two things:

• Your broker account — where your cash sits
• Your CSCS account — where your actual shares are held

CSCS stands for Central Securities Clearing System. Every share you own is registered there in your name. Your broker handles this automatically — you'll receive your CHN (Clearing House Number) within 24-48 hours.

Step 4: Wait for Approval

Broker Type	Typical Approval Time
Digital brokers (Chaka, Bamboo)	24–48 hours
Full-service (CardinalStone, ARM)	2–5 business days
Bank-affiliated (Stanbic IBTC)	3–7 business days

Step 5: Fund Your Account

Broker	Minimum Deposit
Chaka	₦5,000
Bamboo	₦10,000
Meristem	₦20,000
CardinalStone	₦50,000
ARM Securities	₦100,000
Stanbic IBTC	₦100,000

Step 6: Buy Your First Stock

1. Search for the stock you want (e.g., DANGCEM, MTNN, ZENITHBANK)
2. Check the current price
3. Enter your order (number of shares)
4. Review total cost including fees
5. Confirm the trade

Diaspora Investors

If you're a Nigerian living abroad, you can still invest in NGX stocks:

• Valid Nigerian passport (mandatory)
• BVN
• Proof of overseas address
• Domiciliary account or Nigerian bank account

Common Mistakes to Avoid

• Sending money to the wrong account
• Choosing a broker by name alone
• Not understanding the fee structure
• Investing money you can't afford to hold for 12+ months
• Ignoring your CSCS account number

Frequently Asked Questions

How old do I need to be?

You must be at least 18 years old. Minors can invest through a custodial account.

Can I open more than one brokerage account?

Yes. Many investors use multiple brokers. Your CSCS account is the same across all.

What happens if my broker goes bankrupt?

Your shares are safe. They're held at CSCS in your name, not on your broker's balance sheet.

Do I pay tax on stock profits?

Capital gains are currently exempt. Dividends have 10% withholding tax deducted automatically.