ARTICLES

Can You Buy Shares Without a Stockbroker in Nigeria? Yes, Here’s How

Many Nigerians believe that buying shares must go through a stockbroker. It’s what we were told for years: walk into a brokerage firm, fill long forms, pay a commission, and hope the broker executes your request properly. But times have changed.

Thanks to digital transformation in the Nigerian capital market, it’s now possible to buy shares without going through a traditional stockbroker in person. That doesn’t mean the role of brokers is gone — it means you can access broker services indirectly through digital platforms without needing to call or visit anyone.

If you’ve ever asked, “Can I buy shares without a stockbroker?” — the simple answer is: yes, you can. Here’s how.

The Old vs. New Way of Buying Shares

The traditional method required finding a licensed broker, going through registration manually, and relying entirely on that broker to buy or sell stocks on your behalf. This system still exists and is used by institutional investors or people who prefer old-school systems.

But now, a new wave of investment apps and platforms offers everyday Nigerians access to shares directly. You still technically go through a broker (because it’s required by regulation), but the process is fully digital. These platforms act as the bridge between you and the market — cutting out the slow manual processes.

This means you don’t need to visit a brokerage house. No hand-written forms. No appointment bookings. You control your investment decisions yourself — all from your phone.

How You Can Buy Shares Without Using a Traditional Stockbroker

Let’s walk through how to do this in a few simple steps.

Step 1: Choose a Licensed Investment App or Online Platform

Your first move is selecting an investment app that’s legally approved by Nigeria’s Securities and Exchange Commission (SEC) and linked to the Nigerian Exchange (NGX). These apps partner with certified brokers behind the scenes, but you won’t need to interact with them directly. Some of the most popular platforms include:

Trove
Chaka
InvestNow by CSL
ARM Stocktrade
Meritrade
Risevest (for curated portfolios)

These apps provide direct market access, account creation, and investment tools — all digitally.

Step 2: Register and Complete Your KYC

To open your investment account:

Download the app
Create an account using your phone number or email
Submit your BVN and valid government-issued ID
Upload a recent utility bill and passport photo
Take a selfie for verification

This step helps the platform verify your identity and link your investments securely to you. Once verified (usually within 24–48 hours), you’ll be ready to buy shares.

Step 3: Fund Your Wallet

After your account is set up, transfer funds into your investment wallet using a bank transfer or card payment. You don’t need millions — in fact, many platforms allow you to start with ₦5,000 or less. Your wallet balance becomes your purchasing power for buying shares.

Step 4: Search for Nigerian Shares

From your app’s dashboard, search for shares listed on the NGX. Examples include:

MTN Nigeria
Zenith Bank
Dangote Cement
Transcorp
UBA
Fidelity Bank
BUA Foods

You’ll see live prices and performance charts. Select the stock you want, enter how many shares you wish to buy, and confirm the purchase. No calls. No middlemen. Just you and your screen.

Step 5: Place Your Order

You’ll typically be given two order options:

Market Order: This buys the shares at the current price.
Limit Order: You set a price you’re willing to pay. The system waits until the price matches your offer.

Once confirmed, the shares will be purchased in your name and stored in your CSCS (Central Securities Clearing System) account. This is your digital proof of ownership — and it’s secured, regulated, and trackable. You can view all your shareholdings, track their performance, and sell them later when you choose.

But Is It Really “Without a Stockbroker”?

Technically, all stock purchases must be routed through a licensed broker. But here’s the thing: these apps already have existing partnerships with brokers. When you use them, the process is seamless and invisible. You never have to speak to or meet the broker. Everything is automated. So while a broker is still involved legally, you’re not relying on one in the old-school sense. You don’t need to contact them, wait for responses, or pay extra for their advice. The entire experience is handled digitally.

Benefits of Buying Shares This Way

1. Full Control

You decide what to buy, how much, and when. You’re not depending on someone else to act for you.

2. Lower Costs

Most apps charge small transaction fees, much lower than traditional brokers. No extra commission for phone calls or paper forms.

3. Speed

Transactions are executed faster. You see your shares in your account almost instantly after purchase.

4. Convenience

Whether you’re in Lagos, Kano, or a rural area, all you need is a smartphone and internet connection to start investing.

5. Transparency

You can track your gains, losses, dividend history, and transaction records without asking anyone.

Frequently Asked Questions

Can I buy shares without a CSCS account?

No. A CSCS account is automatically created for you through the investment platform. It’s where your shares are stored securely.

Do I receive dividends if I buy through an app?

Yes. As long as you’re a registered shareholder, dividends are paid to your linked bank account or wallet.

Can I sell shares without a broker?

Yes, through the same app you used to buy them. Just go to your portfolio, select the stock, and hit “Sell.”

Is it safe to use apps instead of brokers?

Yes, if the platform is registered with the SEC and partners with a verified NGX broker. Always double-check the registration status on the SEC website.

What if I want investment advice?

Some apps offer advisory services, or you can do your own research. But if you prefer hand-holding, then a traditional stockbroker might still suit you better.