Central Securities Clearing System (CSCS) Plc reported a 23% growth in the average daily clearing and settlement value to around N10.7 billion in Q3 ’23.
The Managing Director and Chief Executive Officer of CSCS, Mr. Haruna Jalo-Waziri stated this at the Capital Market Committee (CMC) Meeting in Lagos.
Jalo-Waziri noted that on a year-on-year basis, as of October 2023, there was a 60% growth, driven by bullish sentiments and solid performance of key equities in their half-year results.
He disclosed that monthly investor KYC saw 8,572 accounts updated in Q3 2023, a 31% increase compared to Q2 2023, attributed to positive market sentiments.
The CSCS emphasized the need for a coordinated awareness campaign on updating KYC, advocating for market-wide collaboration, and a comprehensive campaign across various media channels.
He called for the cooperation of the Registrars to share investors’ bio-data details on dividend claims with the Depository, expecting this to increase the number of accounts with updated records.
Additionally, he stressed the importance of developing additional pathways for KYC data updates beyond trading.
What Jalo-Waziri said
Jalo-Waziri emphasized the importance of embracing FinTech innovations in the Nigerian capital market.
- “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 democratized 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.”
He also stressed the role of FinTech in the capital market, partnerships, and collaborations in achieving these goals.
- “FinTech innovations have played a significant role in revolutionizing 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.
- “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,” he said.
