The Central Securities Clearing System Plc (CSCS), Nigeria’s leading capital market infrastructure provider, has achieved another technological milestone with the successful upgrade of its core operations platform, in strategic collaboration with IBM and Tata Consultancy Services (TCS).
The upgrade, powered by IBM’s cutting-edge Power 10 Series and the TCS BaNCS platform, represents a significant leap forward in the ongoing modernization of Nigeria’s capital market infrastructure. It marks a defining moment in CSCS’s mission to enhance market efficiency, strengthen system resilience, and promote digital innovation across the post-trade ecosystem.
Since adopting the TCS BaNCS system in 2015, CSCS has maintained its leadership in deploying technology to power seamless, transparent, and efficient market operations. This latest advancement not only boosts processing speed and integration but also introduces stronger cybersecurity frameworks and improved scalability—ensuring the platform can meet future demands in an increasingly digital financial landscape.
Speaking on the development, Mr. Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, emphasized that the transformation underscores the organization’s commitment to excellence and innovation.
“This strategic upgrade is a major step forward in our digital transformation journey. Partnering with global technology leaders like IBM and TCS enables us to sustain a world-class post-trade infrastructure that meets the evolving needs of Nigeria’s capital market participants,” he said.
Mr. Jalo-Waziri further explained that technology remains central to CSCS’s growth strategy.
“At CSCS, technology is not just an enabler—it is the core of our value proposition. This upgrade enhances efficiency, strengthens market confidence, and creates the foundation for future investor-centric innovations that will drive the competitiveness of Nigeria’s capital market,” he added.
Industry analysts have described the upgrade as a timely and strategic move that positions CSCS as one of Africa’s most technologically advanced market infrastructures. The modernization aligns with global best practices in post-trade services, reinforcing Nigeria’s reputation as a growing financial hub.
Beyond technology, the initiative is expected to improve transaction speed, enhance transparency, support real-time analytics, and promote interoperability with other market systems. It also signals Nigeria’s readiness for deeper participation in cross-border investments through digital integration.
By modernizing its core operations, CSCS is laying the groundwork for innovations that could redefine market operations in the coming decade—including greater automation, data-driven decision-making, and expanded digital access for both institutional and retail investors.
Through its sustained commitment to leveraging technology for market growth, CSCS continues to play a pivotal role in promoting the integrity, stability, and global competitiveness of Nigeria’s financial markets.
About CSCS Plc
The Central Securities Clearing System (CSCS) is the Central Securities Depository (CSD) for the Nigerian capital market. Established over two decades ago, CSCS has been at the heart of market modernization efforts, including the complete dematerialization of physical share certificates and the reduction of settlement cycles.
With a diversified shareholder base that includes the Nigerian Exchange Group, major banks, investment firms, and institutional investors, CSCS operates under the regulation of the Securities and Exchange Commission (SEC). It provides depository, clearing, and settlement services for equities, bonds, ETFs, REITs, mutual funds, commodities, and commercial papers.
CSCS continues to serve its clients and investors through multiple digital channels, including its web portal (www.cscs.ng), mobile apps, chatbot, and dedicated customer service platforms.
CSCS Plc, in partnership with IBM and TCS, upgrades its core market infrastructure to enhance efficiency, cybersecurity, and innovation in Nigeria’s capital market, positioning itself as a leading post-trade service provider in Africa.
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