This study explores a composite space-time and frequency-domain spreading strategy, designed to augment the capacity of multicarrier 5G systems operating over frequencyselective Rayleigh fading channels. The focus is directed towards a comprehensive analysis of the Bit Error Rate (BER) performance of the proposed system, with adjustments made to various parametric values. In tandem, receiver optimization techniques are meticulously studied, and their outcomes are positioned against existing literature. Within this context, the Parallel Interference Canceller (PIC) emerges as a viable alternative to the De-correlating Detector (DD), a shift primarily driven by the latter's heightened complexity and noise amplification. Additionally, this study demonstrates the acquisition of a larger number of users exclusively employing transmission diversity, thereby eliminating the need for receiving diversity and additional code sets. This approach incrementally augments hardware complexity at both ends of the transmission link, a minor trade-off for the benefits garnered. The efficacy of this scheme is substantiated through MATLAB simulations, indicating a promising avenue for improving the capacity of multicarrier 5G systems. The findings pave the way for significant advancements in the development of efficient and robust communication systems for the 5G era and beyond.