CSCS Goes Digital as Stock Market Closes on Positive Note

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Goddy Egene

The Central Securities Clearing System (CSCS) Plc, which is the financial market infrastructure for the Nigerian capital market, has suspended services to walk-in clients, and switched to the use of digital channels as part of efforts to check the spread of the COVID-19 pandemic.

In a notification to all its stakeholders, the company reiterated its commitment to continued delivery of efficient service through the challenging Coronavirus pandemic, hence the activation of its business continuity plan and going fully digital.

CSCS explained that it would leverage its digital channels to meet all requests at this period, as it joins global institutions in the campaign for social distancing.

Commenting, the Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, said: “As the financial market infrastructure for the Nigerian capital market, we are fully committed to efficient delivery on all our services, as we work with all stakeholders to reinforce the resilience and liquidity of the Nigerian capital market, even at this globally challenging period. Having activated our business continuity plan, which has long been envisaged as a part of our crisis management framework, we are fully operational, even as a notable percentage of our staff have been empowered to work remotely from home. More importantly is our campaign on social distancing, better hygiene practice and other precautions against the contagious spread of COVID-19, as the safety of everyone is paramount to us, just as we have activated all relevant measures to ensure the safety of all depository assets”.

He added that as a part of strategy of dealing with the pandemic, CSCS has since suspended all business travels and temporarily physical meetings, including its internal sessions, thus leveraging digital technologies such as Zoom, Webex, audio conference calls amongst others.

“We thank you for your understanding as we all rise up to stem the spread of this virus and adapt to new challenges arising from the pandemic. Our focus is on helping you and ensuring continuity of our services as a financial market infrastructure. We are committed to our core values of SECURE and will continue to keep you updated as we jointly navigate these times. Please stay safe” Jalo-Waziri stated.

Meanwhile, the stock market closed on positive yesterday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.13 per cent to close at 21,757.47, while market capitalisation added N15.2 billion to be at N11.3 trillion. Gains recorded by banking stocks such as Guaranty Trust Bank Plc, Access Bank Plc and Union Bank of Nigeria Plc boosted the performance.