Management System Update and Market Statistics Overview
"Explore the latest updates in the e-Dividend Mandate Management System, including statistics on BVN validation and approved mandates. Stay informed about industry highlights and future actionable activities for the next quarter."
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E E- -Dividend Mandate Dividend Mandate Management System (e Management System (e- -DMMS) Update Update to Capital Market Committee Meeting Capital Market Committee Meeting DMMS) Thursday, April 19, 2018 1
Statistics of BVN Validation By Stock Brokers and Registrars in a Year Period 2500 2364 2250 2045 2000 1673 1500 1469 1347 1260 1251 1221 1216 1188 1000 528 500 410 195 173 105 93 78 50 48 43 43 42 40 27 23 0 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Stockbrokers Registrars Total Number of Active Stockbroking Firms on BVN Portal Total Number of Active Registrars on BVN Portal - 56 - 10 in March 2018 2
Statistics of Approved Mandates in a Year Period Approved Mandates 70000 64376 59204 60000 48284 50000 47500 45817 44644 41939 41703 40000 37153 33392 31796 30000 17761 20000 16459 10000 0 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Total Approved Mandates to date 2,497,797 3
Highlights of e - Dividend Registration Activities Over 500,000 emails sent by NIBSS to investors informing them of the Deadline for Free e- Dividend Mandate Registration by December 31, 2017. Banks clamoured for an automated processing fee collection process to avoid reconciliation issues when charging investors the fee of 157.50 (VAT Inclusive). Meeting of e-Dividend Technical Committee with the Acting DG on January 15, 2018 to appraise implementation modalities of e-Dividend Mandate System. SEC extended the Deadline from December 31, 2017 to February 28, 2018 and subsequently to March 31, 2018 to accede to Shareholders Association representation to SEC and to enable NIBSS develop and test the automated processing fee collection platform being developed for banks. Technical committee meeting held on March 13, 2018. Rather than piecemeal adoption of the payments, settlement and identity management system CEOs of NIBSS and CSCS met and have identify areas of collaboration for the Improvement of the capital market. Cessation of Free Mandate Registration on March 31, 2018 and commencement of direct mandate processing fees from Investors effective April 1, 2018 and going forward.
Actionable Activities for the Next Quarter Monitoring and Continuous Review of Mandate Registration Process Continuous Meeting and Engagement of Technical Committee Members and Champions of e-DMMS. Follow up on the payment of outstanding e-DMMS Processing Fees underwritten by SEC from October 2016 to March, 2018. (N2,776,432.50 so far - shared between Banks and NIBSS as payment for services between April and September, 2016. Registrars have not received any sum since they were included in the payment proceeds in October 2016. Conclusion of Industry-wide based services to Nigeria Capital Market operating institutions through CSCS/NIBSS Integration 5
