The Central Securities Clearing System (CSCS) Plc has launched a web-based application tagged “Regconnect” to ensure easier communication with registrars in the Nigerian capital market.
Mr Haruna Jalo-Waziri, CSCS Managing Director, said Regconnect, powered by CSCS, would transform and improve the user experience of registrars by providing an easy to use platform in information dissemination. Jalo-Waziri said the application was developed having reviewed CSCS operations and methods of interaction with registrars to conform with global best practices.
He stated that prior to the solution, registrars could only connect with CSCS through a Data Exchange application that did not have the ability to process the data being submitted.
According to him, the application facilitates day-to-day processes regarding the maintenance of registers, with immediate validation of all data being submitted to ensure the accuracy of records and in less time.
“As part of our strategic pillars to automate and improve operational efficiency in the Nigerian capital market, the application will automate our interactions and improve CSCS connection with the registrars’ community. Usage of the Regconnect platform comes at no cost to all Registrars. It is an advanced replacement for the Data Exchange platform currently in use. It allows seamless integration with Registrar’s live data by offering end-to-end and system-to-system data exchange between CSCS and Registrars,” he said. Mr Bayo Olugbemi, the Chief Executive Officer, First Registrars and Investor Services Ltd., who is also the President & Chairman of Council, Institute of Capital Market Registrars (ICMR), commended the initiative. Olugbemi, said the introduction of the solution to the Nigerian capital market was a welcome development and would ensure efficiency in service delivery.
He stated that the solution would reduce processing time, enable swift communication between registrars and CSCS, as well as enhance seamless data transmission. “Regconnect will give registrar total control over their use of the solution by offering an entity-based operational structure where each entity manages their access rights and operations,” Olugbemi said. He added that the solution would grant registrars the ability to validate data right from their offices. Also speaking, Mr Obong Idiong, the Managing Director/Chief Executive Officer, Africa Prudential, commended CSCS for collaborating with registrars to develop the solution. He said, “We are in the digital era, therefore, it is good to see that there has been an upgrade on the Data Exchange Solution which was in use before now.”
The News Agency of Nigeria (NAN) reports that Data Exchange application and Regconnect solution are being run on a parallel deployment until December 2019, when total switch over to Regconnect occur. CSCS is a public limited liability company incorporated on July 29, 1992 under the Companies and Allied Matters Act 1990 and commenced operations on April 14, 1997.
It acts as a depository for equities, corporate bonds, federal government savings bonds, Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs) and mutual funds. CSCS is regulated by the Securities and Exchange Commission (SEC) and is registered by the Corporate Affairs Commission.