A relatively simple low complexity multiuser communication system based on simultaneous code and frequency index modulation (CFIM) is proposed in this paper. The proposed architecture reduces the emitted energy at the transmitter as well as the peak-to-average-power ratio (PAPR) of orthogonal frequency-division multiplexing (OFDM)- based schemes functions without relegating data rate. In the scheme we introduce here, we implement a joint code- frequency- index modulation (CFIM) in order to enhance spectral and energy efficiencies. After introducing and analysing the structure with respect to latter metrics, we derive closed-form expressions of the bit error rate (BER) performance over Rayleigh fading channels and we validate the outcome by simulation results. Simulation are used verify the analyses and show that, in terms of BER, the proposed CFIM outperforms the existing index modulation (IM) based systems such as spatial modulation (SM), OFDM-IM and OFDM schemes significantly. To better exhibit the particularities of the proposed scheme, PAPR, complexity, spectral efficiency (SE) and energy efficiency (EE) are thoroughly examined. Results indicate a high SE while ensuring an elevated reliability compared to the aforementioned systems. In addition, the concept is extended to synchronous multiuser communication networks, where full functionality is obtained. With the characteristics demonstrated in this work, the proposed system would constitute an exceptional nominee for Internet of Things (IoT) applications where low-complexity, low-power consumption and high data rate are paramount.