EDividend Mandate Management System eDMMS Update Presented to

E-Dividend Mandate Management System (e-DMMS) Update Presented to Capital Market Committee Meeting August 9, 2018

Statistics of BVN Validation By Stock Brokers and Registrars in a Year Period Total Number of Active Stockbroking Firms on BVN Portal - 65 Total Number of Active Registrars on BVN Portal - 10 in June 2018 2

Statistics of Approved Mandates in a Year Period Total Approved Mandates to date 2, 551, 792 3

Highlights of e - Dividend Registration Activities • 13 banks have concluded automation of direct debit from e-DMMS. Migration of these banks to live is on-going. The remaining banks will be migrated as soon as they complete testing. • Manual debit of customer account for back log of transactions from April-July 2018 has been concluded. • Registrar demanded for update on the outstanding processing fee since 2016. The technical committee is working on the possibility of paying them from the capital market development fund. • There has been a reduction in mandate activities since the cessation of free registration in April, 2018. We enjoin the stakeholders to resume sensitization so as not to loss the momentum gained over the years. • GTL registrars domesticated the use of BVN for identity purposes which made them increase dramatically the number of users on the BVN portal from 4 to 23 users in May. These has been responsible for the jump in the BVN validation statistics for registrars. • CSCS is collaborating with NIBSS to entrench BVN in the capital market. NIBSS has given the CSCS, access to BVN validation portal to enable the ease of confirmation of identity of new investors brought by stockbrokers. • Vertical markets team has obtained approval to further reduce the cost of our services to the capital market. A new rate for BVN validation and payment processing fee will soon be announced. • NIBSS has been working with the NSE to energise the e-IPO platform with our identity management and payment solutions. This will ensure a paperless IPO process

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. (N 2, 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