CSCS Leverages Technology To Enhance Capital Market

The Central Securities Clearing System (CSCS) Plc is championing the use of technology to deepen Nigeria’s capital market, as highlighted during the 2024 annual conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.

Speaking on the theme: ‘Bank Recapitalisation: Bridging the Gap Between Investors and Issues in the Nigerian Capital Market,’ CSCS’s Divisional Head of Business Services and Client Relations, Mrs. Onome Komolafe, detailed several innovations aimed at streamlining operations for brokers and investors.

Mrs. Komolafe emphasised CSCS’s deployment of Application Programming Interfaces (APIs) to enable seamless market interactions. “You can now open accounts for clients, submit documents, and perform various transactions remotely without physically visiting CSCS,” she stated, highlighting the role of self-service portals in improving efficiency.

The firm’s technological advancements have also supported a reduction in settlement cycles, moving from T+5 to T+3, with ongoing efforts to shorten this further. This transformation, Mrs. Komolafe noted, would not have been possible without adopting cutting-edge technology and cybersecurity measures.

In addition to enhancing infrastructure, CSCS prioritises market education and engagement. Through international conferences and customer-centric tools such as chatbot services, the organisation is committed to bridging knowledge gaps and fostering trust among stakeholders.

The conference also saw CAMCAN Chairperson, Mrs. Chinyere Joel-Nwokeoma, advocate for stronger corporate governance and innovative financial instruments to bridge gaps between issuers and investors amidst ongoing bank recapitalisation efforts. She equally emphasised transparency and regulatory compliance as key to achieving trust and collaboration in the financial ecosystem.

With these strides, CSCS is poised to sustain its leadership in fostering an efficient, secure, and investor-friendly capital market in Nigeria.