Jalo-Waziri: Innovation Powering Smarter, Faster Capital Market 

With new infrastructure upgrades, smarter digital platforms, and a people-focused change strategy, Chief Executive Officer, Central Securities Clearing System Plc, Haruna Jalo-Waziri, in this interview with Kayode Tokede, highlights how the organisation is positioning Nigeria’s capital market to be faster, seamless and globally competitive.

Congratulations on the inauguration of T+2 Trading Cycle. How has technology enhanced CSCS’s interactions with key stakeholders such as stockbrokers, issuing houses, registrars and other stakeholders ?

Technology has fundamentally transformed the way we engage with our stakeholders. Today, our interactions are faster, more transparent, and much more collaborative than ever before. With digital interfaces like our upgraded portals, APIs, and automated communication channels, brokers and other market operators can access real-time information, reconcile accounts, and resolve issues with significantly improved turnaround time. For issuers and registrars, technology has enabled a more seamless information exchange and better data visibility, reducing the administrative burden on all sides. Overall, technology has helped us create a more connected market Ecosystem.

In what ways has technology helped CSCS mitigate operational risks, strengthen internal controls, and build investor confidence?

A core mandate for us is risk reduction, and technology has been a critical enabler in achieving that. Modernising our platforms has enhanced our ability to process more transactions faster. We have significantly reduced manual interventions, which in turn reduces human error. More than 95% of our processes are automated and they are auditable.  Our cybersecurity framework, data validation systems, and automated risk  engines give both regulators and investors greater confidence in the integrity of post-trade processes. Trust is ultimately the currency of any market, and technology helps us safeguard that trust.

Following the recent infrastructure and core application upgrade, particularly the deployment of the new IBM Power 10 Series, what key outcomes or improvements should stakeholders expect from this investment?

The IBM Power 10 Series is a major leap for us. Stakeholders will notice faster processing speeds, improved platform stability, enhanced system availability, and greater scalability to support higher transaction volumes. This change was done seamlessly without the market knowing about the major lift. We also upgraded our core infrastructure which positions us to handle new asset classes, integrate advanced analytics, and deliver real-time services that market participants increasingly require. For the ecosystem, it means greater efficiency;

for CSCS, it means we are future-proofing the market.

CSCS recently unbundled its portal to enhance user experience.  What has been the feedback from stakeholders so far?

The feedback has been very encouraging. Stakeholders appreciate the cleaner interface, the more intuitive navigation, and the speed with which they can now access and act on information. By separating user groups—custodians, brokers, issuers, and registrars—we have

been able to tailor each portal to the specific needs of each segment. We have an interface for investors to access their portfolio. The consensus is that the experience across the portals feels simpler, smarter, and far more responsive.

How do you envision technology shaping CSCS’s growth and strategic development over the next decade?

Technology will define everything we do in the next decade. From faster settlement cycles to cross-border integrations, digital assets, tokenisation, and advanced data monetisation—our strategic direction is anchored on innovation. We see CSCS becoming a highly automated, data-driven platform with predictive analytics at the core, enabling stakeholders to make more informed decisions. We also envision a market that is more accessible, more transparent, and globally competitive.

Beyond CSCS’s ongoing digital transformation initiatives — such as API solutions, ISO 22301 certification for Business Continuity Management Systems (BCMS), RegConnect Version 2, Custodian Portal, *7270# USSD service, and cybersecurity infrastructure — how has the organisation managed the people aspect of change management?

Technology evolves quickly, but people evolve with communication, training, and support. We recognised early that digital transformation must be accompanied by a strong change-management framework.  We’ve invested heavily in capacity building, extensive staff training, continuous communication, and structured change programmes to ensure that our people understand why we are transforming and how they can adapt. It’s been about fostering a culture that embraces innovation rather than resists it.

CSCS has been a strong advocate for robust cybersecurity practices and public awareness. How would you assess CSCS’s current level of preparedness in protecting its infrastructure and data, and in equipping employees against potential cyber threats?

I would say we are highly prepared—but never complacent. Cybersecurity is not a destination; it’s a continuous journey.Our strategy is to drive thought leadership in among other things, Cybersecurity. Our believe is that the bad actors collaborate, why should we not collaborate and share knowledge. We have invested in enterprise-grade security infrastructure, threat-intelligence systems, and continuous monitoring tools. We are developing muscle memory among our team through cybersecurity drills and training programmes because we are only as strong as our weakest link. Our ISO 27001 and ISO 22301 certifications demonstrate our commitment to resilience. We also collaborate closely with regulators and global partners to stay ahead of emerging threats. We hold an annual cybersecurity conference where insights are discussed and emerging trends are workshopped. We are partnered with the Office of the

National Security Adviser (ONSA) on our cybersecurity initiatives.

CSCS has outlined plans to introduce faster settlement processes, mobile applications, new asset classes (including digital assets), enhanced data analytics, cross-border settlement capabilities, and digital platforms for investor relations and compliance. When can the market expect to see these initiatives come to fruition?

Many of these initiatives are already in advanced stages. We recently transitioned to T+2 settlement cycle for equity like instruments. We believe that we will transit to will to T+1 by April 2026 and ultimately move to T+0 (instantaneous) settlement in the near future.  We hope to launch our mobile App with expanded analytics capabilities in 2026. The ISA 2025 has allowed for the introduction of new asset classes—including digital assets.We are ready for these. We are also driving cross-border settlement through our regional partnership especially in initiatives like WACMIC and PAPSS.

CSCS has extended its Electronic Document Management System to the broader business community to support business continuity. How has the market responded to this service.?

The response has been very positive. Many institutions see the need for secure, compliant, and easily accessible digital document management, especially in an environment where remote work and business continuity have become strategic imperatives. Organisations appreciate that the service is backed by CSCS’s infrastructure and security architecture, which gives them confidence in both the integrity and availability of their documents.

How is CSCS leveraging partnerships both local and international to drive innovation, market integration, and capacity building within Nigeria’s capital market ecosystem?

Partnerships are at the heart of our strategy. Locally, we collaborate with exchanges, clearing houses, fintechs, custodians, and regulators to modernise the ecosystem. Internationally, we maintain strategic relationships through the International Securities Services Association (ISSA) and with other regional and global CSDs through AMEDA and WFC, the World Forum of CSDs which allow us to benchmark against best practices and build capabilities that position Nigeria more strongly within the global capital market value chain. These partnerships are essential for knowledge transfer, innovation, and building globally competitive infrastructure.

Beyond technology, how is CSCS integrating sustainability, governance, and social responsibility into its long-term business strategy?

We are embedding sustainability into our corporate strategy, focusing on governance excellence and meaningful social impact. We are supporting environmental responsibility by supporting sustainable finance initiatives. We believe a resilient capital market infrastructure must be both technologically advanced and socially responsible.

As CSCS continues to evolve as a market infrastructure leader, what is your vision for the next phase of the company’s transformation, and what milestones should stakeholders look forward to?

My vision is for CSCS to remain at the forefront of market innovation—locally and across Africa. The next phase of our evolution is about speed, scale, and global competitiveness. Stakeholders should expect deeper automation, a broader range of asset classes, real-time data capabilities, regional settlement services, and a more agile, technology-driven organisation. Ultimately, our goal is to build a post-trade ecosystem that is resilient, efficient, and globally respected.