COVID-19: CSCS embraces full digitalisation to avert service disruption

The Central Securities Clearing System (CSCS) has adopted full digitalisation in its operations, aimed at checking the disruptive effects of the COVID-19 outbreak on its business.

In its notice to brokerage firms, exchanges, participants and partners, custodians and registrars, the CSCS declared it had enabled its business continuity plan, saying it was utilising digital platforms to respond to requests at this time in conformity to global institutions campaign for social distancing.

Haruna Jalo Waziri, the CSCS chief 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.”

Mr Waziri also highlighted other technical and safety measures as well as social precautions taken by the CSCS to contain spread.

“As a part of its 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.

“Staff are enjoined to remain alert to credible news and strictly follow all relevant directives and guidance from the state and federal governments as well as local and global health authorities such as the National Centre for Disease Control, Ministry of Health and the World Health Organisation etc.”