Tuesday, February 06, 2018 6.00PM / Proshare WebTV
The Central Securities Clearing System (CSCS) today hosted a gathering of relevant stakeholders to unveil its 3-Year (2018-2020) strategic plan.
It was an opportunity to also give capital market stakeholders insight into the five pillars to drive the strategic plan.
Delivering a key presentation at the unveiling, Mr Haruna Jalo-Waziri, MD/CEO, CSCS, stated that the IMF has predicted a global growth rate of 3.9% albeit 4%.
According to him, the IMF further projected that Nigeria will grow at a rate of 2.1% in 2018 and that while some believe the rate of growth should be higher, the IMF believes that based on the statistics on ground, the projection of 2.1% growth rate is feasible. He disclosed that J.P Morgan is bullish about where the market is headed in 2018 and expressed confidence in CBN globally as they avoided volatility in 2017 and it is expected that this will be maintained going into 2018.
“One thing the CSCS is going to go into heavily is investment into Artificial Intelligence. This includes mining of data which should be able to give you data ahead of time. We are talking big data and data analytics. Also, we as a CSD should be at the forefront of the Capital Market. The CSD is the single most important financial market infrastructure in our capital market,” he further disclosed.
Mr Haruna Jalo-Waziri spoke on the issue of special accounts and harped on the decision of the CSCS to be more customer-centric.
He enthused that the CSCS was committed to proactively marketing these services in order to add more value to both existing and prospective clients.
In his words, “The following are 5 strategic pillars the Central Securities Clearing System (CSCS) have adopted and they include: 1) Process Optimization 2) Customer satisfaction 3) Technology as an underlying bedrock of what we do 4) Partnerships – That is, expansion of the market ecosystem. The key to this is having an effective feedback mechanism in place. We have to have partnerships and strategic alliances across businesses and regions and 5) For our shareholders, we need to add value to them by growing our ROI and also ensuring our risk management is 100%.”