The Central Securities Clearing System (CSCS) has emphasized the crucial role of technology in deepening Nigeria’s capital market.
This was highlighted at the 2024 annual conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.
The Divisional Head, Business Services and Client Relations, CSCS Plc, Onome Komolafe, made this assertion during a panel session focused on the theme: ‘Bank Recapitalisation: Bridging the Gap Between Investors and Issues in the Nigerian Capital Market.’
Komolafe noted that the Nigerian Central Securities Depository has launched several tech interfaces to ease transactions in the capital market.
She explained that these technological innovations have significantly improved the efficiency and transparency of the market.
“In terms of technology, in the last five years, CSCS has deployed a lot of Application Programming Interfaces (APIs). These APIs have enabled brokers to interface with the market without necessarily coming to CSCS,” Komolafe said.
She further stated that the market has been receptive to these technological innovations, citing the reduction in settlement cycles as an example.
Komolafe also highlighted the efforts of the CSCS to educate market players on the benefits of these technological innovations.
The Chairman of CAMCAN, Chinyere Joel-Nwokeoma, in her welcome address, emphasized the need to bridge the gap between issuers and investors as the recapitalization moves of the banks continue.
She highlighted some measures to achieve this, including strengthening corporate governance and risk management practices in banks, enhancing disclosure and transparency requirements for issuers, and developing innovative financial instruments that cater to the needs of both investors and issuers.
The conference, which brought together stakeholders in the capital market, provided a platform for discussions on the challenges and opportunities in the market.
The event also highlighted the importance of technology in driving growth and development in the capital market.
The conference also featured a panel discussion on the theme, ‘Bank Recapitalisation: Bridging the Gap Between Investors and Issues in the Nigerian Capital Market.’
The panel, which consisted of experts from the banking and capital market sectors, discussed the implications of the recapitalization moves of the banks on the capital market and the economy as a whole.
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