Central Securities Clearing System (CSCS) Plc has emphasised the importance of embracing financial technology (FinTech) innovations in the Nigerian capital market.
CSCS stated this at the recently concluded Institute of Capital Market Registrars (ICMR) annual conference, themed “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market”.
The event served as a pivotal platform for industry leaders and experts to delve into the role of technology in navigating the dynamic landscape of the Nigerian capital market.
Speaking on a topic titled ‘Harnessing FinTech Innovation for Inclusive Capital Market: Empowering individuals through Financial Access and Participation’, the managing director and chief executive officer of CSCS, Mr. Haruna Jalo-Waziri said: “this insightful presentation underscored CSCS’ commitment to leveraging technological advancements to drive inclusivity within the capital market, with a focus on empowering individuals through enhanced financial access and participation.”
Jalo-Waziri, who was represented by the divisional head, Business Technology & Digital Innovation, CSCS, Mr. Tobe Nnadozie, stated that, “the FinTech revolution has profoundly reshaped the landscape of capital markets. The integration of cutting-edge technologies, such as online trading platforms, robo-advisors, blockchain, and AI-driven analytics, has not only democratised access to investing but also streamlined processes, enhanced transparency, and fostered innovative investment opportunities.
“This symbiotic relationship between FinTech and the capital market is pivotal for sustainable financial growth, offering individuals and businesses alike the means to efficiently navigate and leverage the intricacies of modern financial ecosystems.
“In other words, FinTech is transforming the landscape of financial services, and we believe that it holds the key to making our capital market more inclusive and accessible to all. We are committed to pioneering this transformation for the benefit of every individual investor in Nigeria.”
Nnadozie went on to discuss how technology and FinTech solutions could enable broader participation in the capital market, asserting, “Inclusivity is at the heart of our mission. We are leveraging the power of technology to provide financial access to all, from the experienced investor to the first-time market participant. This is how we envision a brighter and more equitable future for our capital market.”
He also stressed the role of FinTech in capital markets, partnerships and collaborations in achieving these goals, saying, “FinTech innovations have played a significant role in revolutionising capital markets by leveraging technology to provide streamlined and accessible financial services. It has transformed how trading, investing, and fundraising occur, fostering greater innovation and accessibility in the capital market landscape.
To him, “We are actively seeking partnerships with FinTech companies and stakeholders across the financial sector. Together, we can build a more robust and accessible capital market that benefits every Nigerian.”
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 dematerialisation of share certificates and the shortening of the settlement cycle in the capital market.
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