The Central Securities Clearing System (CSCS) Plc, which is the financial market infrastructure for the Nigerian capital market, yesterday, unveiled its three-year (2018 to 2020) strategic plan aimed at leveraging technology for process optimisation and profitability. Based on its previous two-year strategic plan from 2016 to 2017, CSCS recorded some major milestones among which are the signing of a Memorandum of Understanding (MoU) with Strate (South Africa) and Central Depository and Settlement Corporation Limited (CDSC Kenya), achievement of Thomas Murray “A” rating (from “A-“), full dematerialisation of share certificates, the co-sponsoring of Centre Counter party (CCP) platform with other stakeholders and recently, the deployment of the state of the art new central securities depository clearing and settlement platform.
Presenting the new strategy, the Managing Director/Chief Executive Officer of CSCS, Mr. Haruna Jalo-Waziri said it would help keep the company in focus and provide a clear direction of where it is headed.
He said this transformative strategy was predicated upon five strategic pillars: focused on technology; customer satisfaction; processes optimisation; partnership through strategic alliances; and revenue growth.
“Based on our culture of continuous improvement, the technology pillar will focus on necessary technological improvements to ensure that the company delivers on its corporate goals and is proactive in embracing new and disruptive technologies, optimising the use of innovative technology, instituting Straight Through Processes (STP) across all touch points and establishing e-learning platforms,” he said.
According to him, the company will leverage innovative technology in skilling and reskilling human resources for optimum service delivery.
He explained that with the customer satisfaction pillar, CSCS will become truly customer-centric and boost commercial excellence by achieving a minimum of 80 per cent customer satisfaction with 20 per cent minimum of new and existing customer activities on all touch points, ensuring seamless relationship with all stakeholders and preventing dissatisfaction of customers, as well as setting up Customer Call Centre to attend to the needs of CSCS’ teeming customers.
For the strategic pillar of alliances across businesses and regions, CSCS will expand the capital market ecosystem by partnering policy makers and regulators.
Speaking on the fifth pillar which is on revenue growth, Jalo-Waziri said CSCS is not only into clearing and settlement but has developed other products that will bring about more efficiency and a robust capital market. He said CSCS has developed electronic storage system that makes market participants to be more efficient.
According to him, other products developed by the company are the Electronic General Meeting (eGEM), Insurance Repository and Pension Contribution Management System amongst others.
“The strategic plan is a straightforward and clear roadmap of where we will be in the next three years and achieving these strategic pillars clearly defines the quality of our team. However, this lofty plan needs the collaboration of all our stakeholders so as to work together and make the capital market more effective and efficient,” he stated.