BY NKECHI NAECHE-ESEZOBOR—The Central Securities Clearing System Plc (CSCS), has upgraded its core application in partnership with global technology leader IBM and Tata Consultancy Services (TCS).
This upgrade marks a significant leap in CSCS’s commitment to innovation, efficiency, and resilience, positioning it as one of Africa’s most technologically advanced post-trade service providers.
Since first adopting the TCS BaNCS platform in 2015, it has consistently harnessed technology to power the Nigerian capital market’s evolution.
The latest upgrade, running on the IBM Power 10 Series, represents a strategic modernization of its core infrastructure, enhancing speed, scalability, integration, and system security while creating the foundation for future innovation.
The initiative aligns with its vision of enabling a seamless, secure, and efficient marketplace. By strengthening its digital backbone, CSCS is delivering greater value to all stakeholders through faster transaction processing, improved transparency, advanced data analytics, and enhanced operational resilience.
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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 upgraded platform signals CSCS’s readiness for the next phase of digital innovation in post-trade services. Beyond improving operational efficiency, the new system strengthens Nigeria’s market infrastructure, fosters investor trust, and aligns the ecosystem with global best practices.
Through this milestone, CSCS continues to demonstrate its leadership in leveraging technology to power the growth, integrity, and global competitiveness of the Nigerian capital market.
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. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.
