The Nigerian Exchange Group (NGX) has added WhatsApp as a new channel for its NGX Invest platform, enabling investors to access eligible initial public offerings (IPOs), public offers and rights issues without downloading a separate application.

While investors can now begin the subscription process through a WhatsApp conversation, applications are still processed through a stockbroker and NGX Invest's existing infrastructure.

Technext tested the service on Wednesday, September 23, to examine how it works, what information investors must provide, and which offers and financial institutions are currently available on the platform.

How the WhatsApp Process Works

To get started, investors need to save the official NGX Invest WhatsApp number, +234 812 731 9521, and send the word "Invest" to begin a conversation. The chatbot then displays eligible offers and guides users through the subscription steps.

Because WhatsApp is already one of the most widely used messaging services in Nigeria, the channel places the first step of a public-offer subscription inside an app many investors already have on their phones, rather than behind the download of a dedicated application.

During Technext's test, the platform showed only the Dangote Petroleum Refinery IPO as the available offer.

Before proceeding, investors must complete an investor profile by providing their Bank Verification Number (BVN), their bank and a 10-digit NUBAN account number. An email address is also requested, which NGX says is required for dividend payments.

Stockbrokers Remain Part of the Process

The WhatsApp channel does not remove stockbrokers from the subscription flow. After entering their investor information, users are asked to choose a licensed stockbroker from a list displayed in the chat, and the application is then processed through the selected broker.

Technext's test showed five stockbrokers on the list: Meristem Stockbrokers, Zedcrest Securities, Vetiva Securities, Chapel Hill Denham Securities and First Securities Brokers.

The process then moves to payment before the subscription can be completed. Technext did not proceed to the payment stage during its test.

As of 2:30 p.m. on September 23, the Dangote Petroleum Refinery IPO was the only offer displayed through the WhatsApp channel. The offer is priced at ₦525 per share, with a minimum subscription of 10 shares and additional subscriptions in multiples of 10.

The availability of offers can change as new public offers, rights issues and IPOs are introduced or existing offers close, meaning investors will need to check the WhatsApp channel to see which offers are open when they want to subscribe.

Limited Bank Options for Dividend Payments

The investor-information section also requires users to select a bank for dividend payments. That selection determines the account into which cash distributions on subscribed shares are paid. Technext counted 36 financial institutions on the list during its test, including commercial banks, merchant banks and digital-first financial institutions such as Moniepoint and PagaTech.

However, some widely used fintech platforms, including OPay, PalmPay and Kuda, were not displayed on the list during the test. Users whose preferred bank is not available may therefore be unable to select it for dividend payments through the current WhatsApp flow.

Security Considerations

The WhatsApp channel means investors can start a public-offer subscription without downloading a separate application, but the process still requires sensitive financial information. The details requested during Technext's test included a BVN, bank details, a NUBAN account number and an email address.

Because financial information is involved, investors should ensure they are using the official NGX Invest WhatsApp account before entering any details. NGX's published WhatsApp number for the service is +234 812 731 9521.

NGX has also warned investors not to share passwords, PINs, one-time passwords (OTPs) or other sensitive credentials with third parties. The Exchange says subscriptions are processed through NGX Invest's regulated infrastructure rather than directly on WhatsApp.

About NGX Invest

NGX Invest was launched in 2024 as NGX Group's digital e-offering platform, with approval from the Securities and Exchange Commission (SEC). The platform allows issuers to distribute public offers to investors through digital channels, including connections to stockbrokers, banks, fintech companies and other financial institutions.

According to NGX, the platform has facilitated more than 23 primary-market transactions and supported more than ₦3 trillion in capital raising since its launch. That track record makes the WhatsApp addition an extension of an already-active distribution platform rather than an untested launch.

The addition of WhatsApp gives investors another way to access the platform while keeping stockbrokers involved in processing their applications. For investors, the main change is that the process can now be started from a WhatsApp conversation rather than through a separate NGX Invest application or website. How the channel develops from here — particularly whether its offer list broadens beyond the current IPO and whether more fintech banks are added for dividend payments — will be one measure of how much of the subscription journey NGX Invest can bring into a single chat.