The Nigerian Stock Exchange (NSE) is set to introduce a mobile and email trade alert notification system to inform investors any account transaction fraud.

The system dubbed X-Alert is further intended to be an alert of unauthorised transactions on accounts and also aims to reduce time spent confirming trades and enhancing transparency between the trader and clients, reveals a press statement.

Ade Bajomo, executive director of marketing operations and technology at the stock exchange, said the X-Alert system would allow investors to know when a transaction has been made on their account.

"Each time investors buy or sell a security, an alert is sent to them via a text message to the recipient’s mobile phone or via an e-mail to the recipient’s mailbox," said Bajomo.

He added, "The big difference for the investing community is that rather than pay 0.12% of every trade roundtrip, investors will now pay a flat fee of N4… the trade alert charges with the old system was some N1.25 billion; with the improved notification system however, the annual cost of the alerts would be some N5.52 million based on a N4 flat fee – that is a reduction of N 1.24 billion per annum."

CSCS managing director Kyari Bukar also added that the service is planned to be delivered in real-time to customers.

Bukar urged that all customers should ensure that their brokers are provided with up to date mobile phone numbers and email accounts to enable the notification system work effectively and provide timely update on all account transactions.