While am trying to set up my CSCS and CHN account on zedcrest wealth app some days ago, they asked for my CHN and input it (but that was generated from another stockbroker app “investnaija”) but was rejected.and i chatted them and they told me to request for new CSCS and CHN which i did, the second day they sent it to me. I noticed that the same CHN number that i wrote in the first day was the same CHN number they sent back to me while i requested for new but CSCS number was not the same. I logged in to their app immediately and asked them the reasons for sending the same CHN number while they didn’t accept it in the first place, but the person i chatted with in the first day trying to set my account was not the same when am asking for clearity, since then nobody has responded to my question. So, this is the reason why i came here to ask, to make it short and simple, what is the reason they rejected My first CHN number and send it back to me as the new CHN number, am confused here. Thank you
Oga Omotoso, nothing is wrong. What Zedcrest did is CORRECT. I will explain:- Think of the stock market like this:- - CHN is your Village Name. You have only ONE village name for life. Wherever you go, you are from that one village. In stock market, your village name is CHN. It must be ONE forever.Read more
Oga Omotoso, nothing is wrong. What Zedcrest did is CORRECT. I will explain:-
Think of the stock market like this:-
– CHN is your Village Name. You have only ONE village name for life. Wherever you go, you are from that one village. In stock market, your village name is CHN. It must be ONE forever. So it’s GOOD that Zedcrest returned the same CHN to you. It means you still have one identity.
– CSCS Number is your House Number in that village. If you build a house in Lagos and build another house in Ibadan, your house numbers will be different, but you are still from the same village.
– InvestNaija gave you House Number 1 (CSCS number 1)
– Zedcrest gave you House Number 2 (CSCS number 2)
– But your Village (CHN) is still the same. That is normal.
So why did Zedcrest reject it the first day ?
This is the trick: Many apps like Zedcrest will not allow you to just type your old CHN and enter. They must be the ones to go and create a new house number (CSCS) for you in CSCS office, using your same village name (CHN).
The first customer care person that rejected you did not explain well. He should have said: _”Boss, we cannot just accept the CHN you typed. We need to create our own CSCS account for you, but we will use your same old CHN.”_
That’s exactly what the second person did. They created a new CSCS account for you, but kept your CHN the same. That is why CSCS number changed, but CHN remained the same.
Is this good or bad ?
It is GOOD. It means:-
1. You now have 2 brokers (InvestNaija and Zedcrest) – you have 2 CSCS numbers.
2. You still have only 1 CHN – you have 1 identity. Perfect.
You don’t need to do anything. Your account is now set up correctly
See lessThank you sir, i really understand your response very well
Thank you sir, i really understand your response very well
See lessThe reason this happened comes down to an automated verification check on Zedcrest's app, followed by how stockbrokers interact with the Central Securities Clearing System (CSCS) database. Why Your First CHN Was Rejected Initially When you entered your InvestNaija CHN during sign-up on the ZedcrestRead more
The reason this happened comes down to an automated verification check on Zedcrest’s app, followed by how stockbrokers interact with the Central Securities Clearing System (CSCS) database.
Why Your First CHN Was Rejected Initially
When you entered your InvestNaija CHN during sign-up on the Zedcrest app, Zedcrest’s automated system ran a quick verification check against the CSCS central database. The rejection was not because your CHN was invalid, but because of a system automated mismatch:
1. KYC / BVN Mismatch: If there was any slight discrepancy in how your details were registered on InvestNaija versus Zedcrest (e.g., how your name was ordered, your phone number, email, or BVN registration format), Zedcrest’s system failed to auto-match your profile to that CHN.
2. Third-Party API Validation Fail: Many digital apps use automated APIs to validate existing CHNs during onboarding. If the API fails to fetch an exact match instantly, the app defaults to showing an “Invalid CHN” or “Rejected” error message.
See lessThank you sir for your response, but i have two things to say. 1,why did they sent it back while it was rejected first or maybe i didn't understand your response enough. 2, please sir, try to come to the level of beginners while answering some questions on this platform ,you used some words that i wRead more
Thank you sir for your response, but i have two things to say. 1,why did they sent it back while it was rejected first or maybe i didn’t understand your response enough. 2, please sir, try to come to the level of beginners while answering some questions on this platform ,you used some words that i will have to ask Google for it meaning, because some of us did not know much when it comes to financial literacy, investment, and wealth management.
See lessCHN (Clearing House Number) is your unique investor identifier with CSCS. It is associated with you as an investor and is generally intended to remain the same when you open accounts with different stockbroking firms. CSCS account number identifies the particular account/relationship opened for youRead more
CHN (Clearing House Number) is your unique investor identifier with CSCS. It is associated with you as an investor and is generally intended to remain the same when you open accounts with different stockbroking firms.
See lessCSCS account number identifies the particular account/relationship opened for you through a stockbroker. You can have different CSCS account numbers with different brokers while your CHN remains the same.
Therefore, if InvestNaija and Zedcrest have given you different CSCS account numbers but the same CHN, that is not, by itself, a problem. It can be consistent with having accounts with two different brokers.
The part I would not state as a certainty is:
Zedcrest rejected it because they needed to create their own CSCS account.”
That may well be what happened, but only Zedcrest/CSCS can confirm the exact reason for the initial rejection.
So the safest conclusion is:
If your Zedcrest account is now active, the CHN shown by Zedcrest matches your existing CHN, and the CSCS account number is different, there is generally no reason to be worried simply because the CSCS number changed.
One additional thing: having two brokers does not necessarily mean you have two separate ownership identities. Your securities and investor identification can still be linked to you through your CHN.
So I would tell Oga Omotoso:
“Nothing necessarily went wrong. A different CSCS account number from Zedcrest does not mean you have a different CHN or a different investor identity. If Zedcrest’s CHN matches your existing CHN and the account is properly registered, the different CSCS account number can be normal for an account opened through another broker. The only thing worth confirming is that both accounts are correctly linked to the same CHN and that your holdings are showing correctly.
OK, I will
OK, I will
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