Nigerian Stock Exchange launches X-Pay, promotes cashless economy

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The Nigerian Stock Exchange (NSE) has announced the launch of X-Pay on Friday, August 3, 2018. X-Pay, the e-payment platform for the Exchange, will enable users to conveniently make payments for products, services, events and trainings offered by the bourse.

X-Pay can be accessed on PCs, tablets, smartphones and other mobile devices. With features like invoice payments, intuitive products display, dynamic search functionality, X-Pay is a value-added service that accepts VISA, MasterCard Verve and UnionPay credit and debit cards.

The platform aims to deliver a faster and safer payment method which is protected by best in class IT and card security features, in line with global best practices.

Speaking on the development, Mr. Bola Adeeko, Head Shared Services Division, NSE, said:

We are thrilled to launch X-Pay, a solution that builds on our customer centric focus and our efforts to transform the Nigerian capital market into a more efficient model. X-Pay reinstates our commitment to move towards cashless transactions and build a sustainable cashless ecosystem, while satisfying users’ preferences for self-serve bill payment options that is convenient and secure.

According to Mr. Adeeko, NSE is leveraging the power of innovation and digital technology to improve its efficiency and reduce the cost of transactions.

With X-Pay, our stakeholders will now enjoy easy access to a wider catalog of our products and services, be able to select and purchase from anywhere, at any time. Not only will X-Pay be convenient, it will also provide huge opportunity for NSE to maximize its capacity and realize increased efficiency through automated processes and better data integration”, he added.

The Nigerian Stock Exchange continues to take huge strides in the digitization journey:

  • In 2013, NSE launched X-GEN which is the fastest trading platform in Africa with low latency capabilities.
  • The bourse implemented TradeSmart to assist its Dealing Member firms in achieving a broader reach, leveraging mobile phone penetration in the country
  • NSE has also deepened its regulatory capabilities and facilitated the achievement of better compliance and monitoring by both issuers and operators by implementing platforms such as X-ISSUER and X-BOSS.
  • The Exchange also lunched the X-Smart which brings an unprecedented level of surveillance technology into the market.
  • Last year, NSE launched a state-of-the art Data Centre as part of its tradition of pioneering far-reaching innovations within the Nigerian capital market.

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