Many Nigerians want to own a piece of MTN, but they don’t want to go through the hassles of buying shares in a firm listed on the Nigerian stock exchange.
After observing the procedure personally, we can confirm that the processes are much simpler and less expensive to follow than the usual methods of purchasing shares in Nigeria. We’ve broken it down into ten simple steps.
1. Get the mobile app
A smartphone is required for this procedure. Go to the app store on your phone and download the Primary Offer app from the Google Play store or the Apple iOS store to your smartphone or tablet.
2. Create an account
Create an account with your date of birth and bank verification number. You’ll also need to create a password, which you should keep as private as possible. After this, the app will already have some of your information, indicating that it is linked to the financial system.
3. Validate your account
After you’ve completed the registration process, you’ll be asked to input your security code. You should have already received the code in an email. It’s a one-time password (OTP) that you’ll enter into the app to confirm your identity.
4. Login and Start
You’ll see a celebratory message on your screen after your account is complete. There would also be a blue button on the message inviting you to login to the app. To access the dashboard, enter your email address and a password you recently made. Click on the MTN Nigeria deal once you’ve logged in.
5. Terms and Purchase
After clicking on the MTN Nigeria deal, you’ll be sent to a page where you may read the terms and conditions and agree them by checking the unchecked column next to the purchase button. After that, select “buy” from the drop-down menu.
“Enter your transaction details” should now appear on your most recent screen. Put the quantity of units you want to buy in the specified units’ column. You can purchase a minimum of 20 shares.
“The minimum application is 20 shares and multiples of 20 shares thereafter,” according to MTN, “thus 20, 40, 60, 80, 100, 120…etc.” There is no upper limit; nevertheless, the number of shares allotted will be limited to 575,000,000 ordinary shares.”
The price of a single share was N169. So you’ll need N3, 380 to get the minimum number of shares.
Pay now: You click “pay now” after selecting the quantity of shares and checking the terms and conditions box. If you don’t have a CSCS account, the app will ask you to create one. A Central Securities Clearing System (CSCS) account is a financial infrastructure that allows securities transactions to be cleared, stored, and settled. It’s where all of your stock is registered.
If you have a CSCS account, select yes; otherwise, select no. The next course of action will be determined by the option you select. The procedure is the same for both replies. The software will assist you in setting up your CSCS account and processing payment for the shares.
Enter your account number and clearinghouse number if you already have a CSCS account (CHN). After that, you update your bank information, including where your dividends will most likely be paid, and then click “pay now.”
Pay with a card, USSD, or transfer: When you arrive at this page, you will be presented with a number of payment alternatives. Select the one that best suits your needs — bank transfer, card payment, or simple USSD — and proceed to pay for the shares. Please keep in mind that bank fees will be added to your N3, 380, bringing your total to N3,418.
Once payment is received, you will receive an email with payment information and confirmation of receipt. Your shares would be allotted in fewer than 15 days after SEC approval. You can simply become an MTN shareholder if you follow these procedures.