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The Central Securities Clearing System Plc has marked a significant achievement in its technological evolution by upgrading its main application, in collaboration with international technology giants IBM and Tata Consultancy Services.

In a statement released on Monday, CSCS mentioned that the upgrade represents a major step forward in its dedication to innovation, efficiency, and strength, establishing it as one of Africa’s most technologically sophisticated post-trade service providers.

Since embracing the TCS BaNCS platform in 2015, CSCS has continuously used technology to advance the Nigerian capital market. The most recent update, operating on the IBM Power 10 Series, marks a key modernization of CSCS’s fundamental infrastructure, improving speed, expandability, compatibility, and system safety while establishing a base for upcoming innovations.

The head of CSCS, Haruna Jalo-Waziri, referred to the upgrade as a key milestone in the firm’s digital transformation strategy.

“This significant enhancement demonstrates our steadfast dedication to innovation and operational top quality. Collaborating with international technology experts such as IBM and TCS guarantees that we keep providing high-standard post-trade services that address the changing requirements of Nigeria’s financial market and its stakeholders,” Jalo-Waziri stated.

He highlighted the wider effects of the change, stating, “At CSCS, technology is not merely a tool; it lies at the core of our offering. This update strengthens market trust, improves efficiency, and opens the door to innovative investor-focused solutions that will define the future of Nigeria’s financial market.”

The enhanced platform demonstrates CSCS’s preparedness for the next stage of digital advancement in post-trade services. In addition to enhancing operational efficiency, the new system reinforces Nigeria’s market infrastructure, enhances investor confidence, and brings the ecosystem in line with international standards.

The update also occurs before Nigeria’s shift to the T+2 settlement system on November 28, 2025. This change reduces the number of days required to settle securities and funds from trades to two business days following a transaction, instead of the current three business days. As a result, Nigeria’s market becomes more competitive, liquid, and robust.

Provided by SyndiGate Media Inc. (Syndigate.info).