SEC Commences e-Dividend Mandate Management System Portal

The Securities and Exchange Commission (SEC) has announced that enrolment for e-Dividend payments can now be efficiently conducted at Bank and Registrar branches nationwide through the online platform launched on 29th July 2015.

This follows the release of a circular on the implementation of e-DMMS portal by the Central Bank of Nigeria (CBN) to all Deposit Money Banks dated Monday 14th September, 2015.

The e-Dividend scheme has been a priority initiative for the entire capital market in a bid to curb the growth of unclaimed dividends and improve the overall efficiency of Nigeria’s equities markets.

The e-DMMS portal utilizes NIBSS’ robust Document Management System to which completed e-Dividend Mandate Forms filled by the investor could be uploaded. The e-Dividend Form can be obtained and properly filled at bank branches or in the office of a registrar.

Where an investor opts to fill this Form at a registrar’s office, the Registrar shall verify details such as the investor’s name, account number and Clearing House Number (CHN).

The completed form shall then be uploaded to the e-DMMS portal for immediate access by the investor’s chosen Bank.

The Bank is required to validate the investor’s Bank Verification Number (BVN) and other account details.

Should an investor choose to complete the e-Dividend Mandate Form at his bank branch, the Bank shall validate his/her BVN and account details before uploading a scanned copy of the Form to the e-DMMS portal.

This uploaded Form would immediately be accessible to the investor’s chosen Registrar who is required to validate the investor’s name, shareholder account number and Clearing House Number (CHN).

The SEC wishes to commend the CBN and NIBSS for showing strong support for this scheme. Deposit Money Banks have equally shown high commitment to implement the scheme as well.

Registrars have been directed to ensure that all their offices are properly equipped to enroll shareholders who would be approaching them for the exercise.

All shareholders who are yet to be fully enrolled for e-Dividend payment are enjoined to take immediate steps to fill the Mandate Form at their chosen Bank or Registrar branch.