Kayode Tokede

The Central Securities Clearing System Plc (CSCS), yesterday announced a major milestone in its technology transformation journey with the upgrade of 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, CSCS 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 CSCS’s core infrastructure, enhancing speed, scalability, integration, and system security while creating the foundation for future innovation.

The initiative aligns with CSCS’s 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.

The Managing Director and Chief Executive Officer of CSCS, Haruna Jalo-Waziri 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.”

Jalo-Waziri further emphasised 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.”