- Technology will play a crucial role in deepening Nigeria’s capital market, according to the Central Securities Clearing System (CSCS) Plc.
- The Nigerian Central Securities Depository has launched several tech interfaces to ease transactions in the capital market.
- CSCS has deployed various technological innovations, including Application Programming Interfaces (APIs), to enable brokers to interface with the market more efficiently.
The Central Securities Clearing System (CSCS) Plc has emphasized the importance of technology in deepening Nigeria’s capital market. According to Mrs. Onome Komolafe, Divisional Head, Business Services and Client Relations at CSCS, technology will be a key driver of growth in the capital market.
Komolafe highlighted the various technological innovations deployed by the Nigerian Central Securities Depository to ease transactions in the capital market. These innovations include the deployment of Application Programming Interfaces (APIs) to enable brokers to interface with the market more efficiently.
She noted that these technological advancements have been well-received by the market, citing the reduction in settlement cycles from T+5 to T+3 as an example. Komolafe attributed this progress to the deployment of technology by CSCS, which has enabled the market to accept and adapt to these innovations.
The CSCS has also deployed various self-service options, including online account opening and document submission, to make it easier for brokers to interact with the market. Komolafe emphasized that the market’s acceptance of these technological innovations is a testament to the transformation taking place in the capital market.
