On Thursday, March 5, Meristem Securities Limited, the Nigerian capital market conglomerate, officially announced the relaunch of its stockbrokers’ mobile app, Meritrade.
With about 100 people in attendance, the intimate event, tagged ‘Meritrade Reimagined,’ hosted regulators, long-term customers, financial educators and staff of the organisation, allowing for open dialogue and questions from customers to the workforce of the platform.
The Meritrade app was first launched in 2014, as Nigeria’s first digital online trading platform, and has since gone through developments to serve its customer base.
“The new platform is faster, more intuitive and is built for the discerning investors. It offers deeper portfolio visibility, smarter analytical tools, enhanced funding options for frictionless cash management, and a more robust security architecture, all engineered to ensure that innovation and regulatory compliance move in the [right direction],” Bashir Saheed Adewale, the Managing Director and CEO of Meristem Stockbroker Limited, said in his welcome address.
Adewale clarified that the platform does not just sell securities but information, a key differentiator in the capital market. Meritrade has retained its research-backed recommendations, which notify users of the best stocks to trade. This feature is available in the app’s latest update for investors to see and make an informed decision. Meritrade emphasises that this is not financial advice, but rather guidance which investors can consider when purchasing stocks.
Speaking with TechCabal, Oluchukwu Chiadika, a finance educator better known as “Your Personal Finance Girl,” highlighted a differentiating feature of the app: users can log in and register to view an IPO (Initial Public Offering) directly on the platform, rather than discovering listings manually. In addition, users can set triggers to be notified when stocks hit certain price points.
“You can check and monitor your growth, stocks, and assets that you’re interested in. For example, if I want to know when a GT stock is at 100 naira, I can set a trigger to get a notification,” she explained.
Tolulope Obajemu, who leads policy and advisory at the Nigerian Exchange Group, was also in attendance and congratulated the group on the relaunch and its commitment to remaining retail-friendly.
As the event wrapped up, Onyeka Alika, head of the Retail Business department, walked attendees through the app, highlighting how the update prioritises transparency.
When buying stocks, users can now see a detailed breakdown of each transaction, including brokers’ commission, Value Added Tax (VAT), and all other fees
The latest update also allows users to generate a cash statement of all transactions, similar to the bank statements they receive from their regular bank accounts. This makes it easier for traders and other users to track their activity. For full-time traders, these statements help prove consistent cash flow and show exactly how much they are spending on transaction fees.
In 2020, Meristem Stockbrokers Limited was recognised as an investor-friendly broker in Nigeria for its digital, user-friendly, and accessible investment solutions. With the relaunch of its app, the group has reaffirmed its commitment to innovatively serving its users, investors, and the wider capital market.
