• Friday, December 01, 2023
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CSCS advocates fintech innovation for inclusive capital market

CSCS advocates fintech innovation for inclusive capital market

Central Securities Clearing System (CSCS) Plc took centre stage at the recent Institute of Capital Market Registrars (ICMR) annual conference, themed “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.”

The event, which took place in Lagos, served as a pivotal platform for industry leaders and experts to delve into the role of technology in navigating the dynamic landscape of the Nigerian capital market.

At the conference, Haruna Jalo-Waziri, managing director and chief executive officer of CSCS presented a thought-provoking paper titled “Harnessing FinTech Innovation for Inclusive Capital Market: Empowering Individuals through Financial Access and Participation.”

The insightful presentation underscored CSCS’ commitment to leveraging technological advancements to drive inclusivity within the capital market, with a focus on empowering individuals through enhanced financial access and participation.

Jalo-Waziri, who was represented by Tobe N. Nnadozie, Divisional Head, Business Technology & Digital Innovation, CSCS Plc emphasised the importance of embracing FinTech innovations in the Nigerian capital market, stating, “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 democratised access to investing but also streamlined processes, enhanced transparency, and fostered innovative investment opportunities.

Read also: NGX, CSCS, Euroclear to create dollar settlement platform for Fintechs

“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.”

Nnadozie went on to discuss how technology and FinTech solutions could enable broader participation in the capital market, asserting, “Inclusivity is at the heart of our mission. We are leveraging the power of technology to provide financial access to all, from the experienced investor to the first-time market participant. This is how we envision a brighter and more equitable future for our capital market.”

He also stressed the role of FinTech in capital market, partnerships and collaborations in achieving these goals, saying, “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.”

As the leading Central Securities Depository (CSD) in Nigeria, CSCS continues to lead the way in modernising the capital market by embracing cutting-edge technologies and innovative solutions. The Managing Director’s presentation by Nnadozie at the conference further underscores the company’s dedication to empowering individuals and ensuring financial access for all.

Nnadozie concluded that the potential of FinTech to transform capital markets and empower individuals is undeniable. He stated: “By harnessing innovative technologies, FinTech is breaking down barriers, democratizing access, and fostering financial inclusion. Through user-friendly platforms, fractional investments, robo-advisors, and educational resources, FinTech is reshaping how individuals engage with the capital market. As these advancements continue to evolve, more people than ever before have the opportunity to take control of their financial futures, invest with confidence, and participate actively in the global economy.

“Therefore, we invite all stakeholders, from regulators to market participants, to join hands in harnessing the transformative power of technology. Together, we can create an inclusive capital market that truly reflects the economic realities of Nigeria.”