‎How CSCS bolsters market infrastructure through strategic technology upgrade in partnership with IBM

By Chioma Obinagwam

‎Nigeria’s leading capital market infrastructure provider, the Central Securities Clearing System Plc (CSCS), has achieved a key milestone in its technology transformation by upgrading its core application in collaboration with global technology powerhouse IBM and Tata Consultancy Services (TCS).

‎Confiance News learnt that this advancement underscores CSCS’s dedication to innovation, efficiency, and resilience, establishing it as one of Africa’s most advanced post-trade service providers.

‎Having adopted the TCS BaNCS platform in 2015, CSCS has continually leveraged technology to drive the Nigerian capital market’s progress. The new upgrade, powered by the IBM Power 10 Series, modernizes CSCS’s core infrastructure, delivering superior speed, scalability, integration, and security while laying the groundwork for future advancements.

‎The project supports CSCS’s goal of creating a seamless, secure, and efficient marketplace. By fortifying its digital foundation, CSCS provides enhanced value to stakeholders through accelerated transaction processing, greater transparency, sophisticated data analytics, and robust operational resilience.

‎Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, described the upgrade as a pivotal moment in the company’s digital transformation agenda. “This strategic upgrade reflects our unwavering commitment to innovation and operational excellence. Partnering with global technology leaders like IBM and TCS ensures that we continue to deliver world-class post-trade services that meet the evolving needs of Nigeria’s capital market and its participants.”

‎Mr Jalo-Waziri further emphasized the broader impact of the transformation, “At CSCS, technology is not just an enabler — it is at the heart of our value proposition. This upgrade reinforces market confidence, enhances efficiency, and paves the way for new, investor-centric solutions that will shape the future of Nigeria’s capital market.”

‎The enhanced platform prepares CSCS for the next era of digital innovation in post-trade services. In addition to boosting operational performance, it fortifies Nigeria’s market infrastructure, builds investor confidence, and aligns the ecosystem with international standards.

‎With this achievement, CSCS reaffirms its leadership in using technology to advance the growth, integrity, and global competitiveness of the Nigerian capital market.

‎Confiance News also gathered that the Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders.

‎ With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.

‎CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities.

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