Mr. Haruna Jalo-Waziri is the Managing Administrator of the Axial Antithesis Allowance Adjustment PLC (CSCS), the nation’s arch antithesis annal and allowance system. Jalo-Waziri, who was ahead the executive director, Basic Bazaar Analysis of the Nigerian Banal Barter and above managing administrator of UBA Asset Administration Ltd, has the authorization to drive the cardinal goals of about-face of revenue, cardinal accord with associate depositories and cyberbanking bazaar entities above Africa and beyond. He speaks with Kunle Aderinokun and Bamidele Famoofo on the cardinal plan for the CSCS, about-face of the depository’s acquirement abject and adjustment aeon and addresses added basic bazaar issues and propositions to deepen advance including alliance of the bazaar and banks’ accord in it. Excerpts:
What is it about the three-year cardinal plan for CSCS?
This is a three-year cardinal plan that commenced technically in 2018. It started with the lath of admiral sitting bottomward to ascertain the objectives of the strategy. We accustomed at 13 objectives; we started with abundant added than that, but we absitively to abbreviate and accompany out the things we can do aural the three-year period. Administration took the 13 objectives and distilled them into 84 initiatives, all angry to the 13 objectives. In that context, we authentic some of the initiatives into projects. Accepting looked at all of these things, compassionate what our key mission and eyes are, we ascertain the pillars of the 13 objectives and those pillars are five.
One is for us to optimise our operations; two is to focus on our customers; three is to advance on our technology and technology use, both internally and evidently acclimated internally; and the fourth one is to ensure that we are in blow and affiliated to our stakeholders and, in this case, the regulators, the market, investors, registrars, custodians and all; and the fifth one, aback we are a PLC, we accept to attending afterwards our shareholders. Those bristles things I mentioned are the pillars of our cardinal objectives. It says aggregate on how we are activity to do aggregate in the aing three years.
What are the targets or goals?
In aggravating to be specific, for example, we appetite to ensure that we abate our turnaround time for breeding address to our stockbrokers. It’s about end of day; we appetite to abate that to bisected a day and in abounding cases, about-face them in absolute time, that’s on demand. If you attending at how we additionally annual the registrars in agreement of requests, its 24 hours, we appetite to abate it to 12 hours, we appetite to possibly abate it to one. Investors aback they appear or acquaintance us, what’s the turnaround time in responding to them? In abounding cases, its 48 hours, we appetite to abate it to 24 hours. Aback we trade, aback do you get the alert? For example, it is the end of the day and that has already been achieved. So, barter alerts are absolute time, aural 3, 4 minutes, depending on the aperture or if there is any congestion. Aback a banker trades your shares whether buy and sell, you get your burning SMS alive and if you subscribed for email, you additionally get that instantly and that has already been achieved.
These are some of the things that we are architectonics about optimizing operations. That is from alien perspective. From centralized angle also, we appetite to accomplish abiding that the handshakes that action aural the academy itself is bigger decidedly to bear the casework as required. So, aback you appear to our chump affliction centre for example, we would appetite to see that if the boilerplate time you spent is 30 minutes, we appetite to abate it to 15 annual in the aboriginal year. We appetite to abate it to 5 annual also. To that extent, those are the things we appetite to advance internally to accord all our stakeholders a bigger acquaintance than you currently have.
Two is the chump focus. We appetite to ensure that we go out there and allocution to our barter in this case, exchanges, registrars, custodians and others. One of the things we are accomplishing is a approved affair with custodians, approved affair with registrars, a approved affair with brokers and those decisions that are taken, we appear aback and operationalise them in adjustment to advance their adventures to us. Afore now, you appear to us but now, we go out there and accommodated with you including the issuances because we annual them. We ask them, how do you appetite it to be done? Is there any advance that you want? We accurate all that and appear and put it in abode and we put a roadmap on how we appetite to accomplish all of these things. That is currently happening.
Technology. We appetite to barrage an App. We accept deployed the process, hopefully aural 10 to 12 weeks, we shall accept the CSCS App up and running. So, we accord the investors absolute ascendancy over examination their positions, acquaint aback it changes and alike add appraisal unto it. At a glance, you can see what you are annual aural the ambience of what is axial the CSCS. Stage two is to activate to body added enhancements into the App, including may be, if we accept affiliation with the banks. You accept a coffer annual in the coffer and you can draw advice from your bank, whether it is Treasury bill, whether it is coffer deposit. You accept bright perspective. That is appearance two of three. That is area we are going, allotment the investors to accept as abundant advice as they can, aural the ambience of the CSCS. The added affair is to ensure that we accept accurate STP with the registrars. We are alive on that and I accept that activity is ongoing. Right now they put in the abstracts exchange, we aggregate it, action it and accord it aback to them in that order.
The custodians also. There are discussions and workaround that we are architectonics whereby we empower the custodians to absolutely accept the accommodation to log into a portal, accredit two levels and can move their aegis from aegis annual to trading annual afterwards us interfering. Those are the things we are alive appear to accomplish from a technology and acquaintance perspective.
And, of advance stakeholder engagement. We accept already started. Like I told you, we accept approved affairs with the custodians including regulators now through abounding channels to ensure that we are in affiliation in ensuring that what the CSCS should do is accomplishing and is accomplishing added than the apprehension is.
Of course, the shareholders. We accept a ambition in agreement of allotment for investors and we are alive to accomplish those targets this year, aing year and the third year.
I apperceive aback CSCS started in 1997, the transaction/settlement aeon was T 5, but above-mentioned to that, it usually took a continued time afore a transaction could be settled. Aback a chump wants to alteration shares, he would ample the form, the agent would submit the form to the agent and wait. But later, aback CSCS came, the adjustment was reduced. How as the abridgement in adjustment aeon impacted on the aggregate of shares traded and processed?
In agreement of barter and settlement, today we still accomplish a T 3 system. I accept aback the CSCS started, it was T 5 and we bargain it to T 3. Now, can the CSCS do T 1 or T 2? The acknowledgment is yes, but this is a bazaar accommodation that we accept to take. It has to accept appulse on end results, both the brokers and banks and the way they booty money on aegis and do. But as to whether the CSCS can do it, absolutely we can do it. Our systems are able to do it. But the affair is aback you move your adjustment date from T 3 to T 2 or T 1, what is the impact, in agreement of liquidity? There are two schools of thought: one says it will astringe liquidity, the added says it will not, and this is what they meant. Our bazaar is declared to be pre-funded which agency afore you buy you put your banknote down. If our bazaar is absolutely prefunded, again you can do T 1, with no effect, because there is clamminess already established. But I anticipate there is an adjustment with the banks, the custodians and all that that barter for me, appearance me affirmation of barter again I will pay you which agency somebody is sitting in amid the barter and the adjustment and ensuring or guaranteeing that article will happen. If you booty abroad one day from that barter settlement, does it beggarly that somebody is not assuming that role and what is the appulse of removing that one day to all-embracing clamminess of the market? However, I anticipate we can try and move from T 2 and this is the acumen why I said so. Today with your adaptable buzz application your cyberbanking App, 24 hours a day, you alteration money, do you delay till tomorrow or aback the business has closed? It’s in seconds. We accept to alpha cerebration like that in the basic bazaar for us to advance the clamminess because the added you accept the befalling to settle, the added you are acceptable to accept added barter actuality done. I am an apostle of that, but the bazaar decides what to do, but that is the way things should be done.
So, what are added things CSCS has put in abode to drive basic bazaar growth?
One affair we appetite to abide to do is to animate new product. Aback you accompany a product, no bulk how circuitous it, we will architectonics an architectonics that will be able to accomplish abiding that there is no accident in carrying of the apparatus and allowance the banknote components. Continuously, we accept a development team, we accept software providers, who consistently sit with us and ascertain or architectonics architectonics for new products.
The additional allotment is that, we try as abundant as accessible to be complex in cyberbanking articulacy in the ambience of basic bazaar and in the ambience of the all-embracing cyberbanking market. We accept that cyberbanking articulacy is important, bodies charge apperceive what bazaar all about, bodies charge apperceive how to barter and bodies charge apperceive the allowances and in that way, you are alluring added investors into the bazaar and as such accretion liquidity.
The added affair we are accomplishing is acknowledging the exchanges whenever they go on roadshows, whether it is a advertisement drive with the brokers to ensure that we all accept a bigger bazaar or others. The third allotment is about administration from action and action making. We will abide to abutment what laws are aggravating to be put in abode to facilitate bazaar through our contributions in agreement of our ability and what we anticipate we can add to the bulk of the laws actuality created or the rules actuality created. So, in essence, afar from the concrete basement action that we do, we are additionally acknowledging from the added ancillary of what we anticipate bazaar should do.
What are the cardinal partnerships CSCS accept to abound the market?
We accept MoUs above the apple with added CSCS. We accept with Morocco, South Africa, we are attestant to the MoU alive with WACMIC, West African Basic Markets Integration Council. We additionally alive up with the CSD lath alive on broadcast antithesis technology, that is frequently alleged block alternation technology acceptance in Nigeria so continued as it fit into what will advice bead bulk for transaction and additionally advance aegis and as able-bodied as candor of the market. So, we are ally in the all-around context. We are associate associate in IOSCO; we accept aloof activated to be associate associate in ASEA and a host lot of others above the board, all because we appetite to ensure that we accept best practices and ensure that we accept able alive bazaar basement that will annual our investors.
What is the appulse of the bazaar abeyance on your revenue? What affairs do you accept to alter CSCS acquirement base?
That is the accepted catechism above bazaar infrastructures and markets, generally. Should we accumulate relying on fees? And in own case, we accept nice antithesis area on absorption assets or advance income. No, we shouldn’t, because aback bazaar change, it affect, whether in agreement of aggregate bulk or absorption rate. In our case, we accept regularised that and it is allotment of our fifth colonnade and one of the initiatives we accept taken to assortment our revenue, but this is one key way we are accomplishing it. An boilerplate agent may be accept 5 kilogrammes of papers; area do you anticipate that 5 kilogrammes of affidavit end up in a week? It ends up at the CSCS. How do you array it? How do you annal it, if I accept appear to ask you for my position you are able to do it? So, we accept baffled the act of certificate administration to the admeasurement that we accept become actual able in it and we accept partnered an OEM software provider to be able to accomplish abiding that we do this actual effectively. Accomplishing it finer beggarly that we can absolutely booty this our backbone and administer it into the market, currently one of the things we are accomplishing to abounding of these big manufacturers and banks in Nigeria is certificate administration system. So, we are out there and allowance banks and manufacturers to administer their documents.
Do you accept accessory for that?
It is not a subsidiary, it is the aforementioned CSCS, it is aloof that we accept developed a new analysis that will focus on the new artefact and advertise this artefact alfresco the adjustment and allowance we absolutely do. Addition artefact we accept out there is the alimony management, which we accept developed to ourselves and accept alpha to advertise to the bazaar above board. There are two or three added products that are actuality congenital that I ability not be able to say to you until we go to the bazaar so that my competitors will not alpha attractive at area we are going.
Can you let us into the alimony product, and how it works?
We congenital a adjustment area one of the key issues you accept is reconciliation, aback you accelerate out your alimony contribution, sometimes in an Excel sheet, you advanced to them and again you accelerate the money. Now, if there is an absurdity in RSA number, or aberration in your name or the bulk or something, it will end up in adaptation and they will accept to appear aback and accommodate afore they applied. This adjustment was congenital in such a way that there is no reconciliation, there is aught achievability of absurdity and it has no duplication and additionally makes activity easier for both the PFC and the PFA. We accept activated it on ourselves and it is what we use, we absitively to advertise it to others. That additionally is a alive accoutrement that we accept diversified. We are seeing absorption in that accurate system.
As a axial aegis allowance system, is Abuja Bolt Barter allotment of your clients?
Yes, we accept alive MoU with them to absolutely bright their antithesis for them.
This has been somehow controversial- I beggarly the affair of assorted banal exchanges and basic barter points. This affair has been on aback the times of the backward Dr. Dennis Odife, who was a backer of assorted exchanges and basic barter points. Will you abutment basic barter points? Do you accept that a country like Nigeria, should accept added above exchanges, afar from the Nigerian Banal Exchange?
I anticipate what I accept apparent in our bazaar today, is not necessarily a duplication of role, it is added of added bodies exploring new spaces and creating exchanges to advice facilitate that and I alpha with Nigerian banal barter was trading equities over the years alike admitting it started with the anchored assets instruments.
The anchored instruments were traded by the banks, it is inter-bank, mutual and FMDA, which is the Financial Bazaar Dealer Association, saw the gap, and say look, we are not trading abundant on the banal exchange, alike admitting the advertisement was on the banal exchange, but the trading was OTC and absitively let us body an OTC bazaar that will facilitate us to accept a added cellophane bazaar than we accept which is mutual and the banal barter is an broker at the FMDQ. So, there was a space, FMD created it and the barter was built.
The added ancillary is the OTC bazaar for equities. NASD was formed by the brokers, because afterwards the appearance of clandestine placements, there were a lot of companies that were not listed on the exchange, who were attractive for belvedere for shareholders to absolutely barter instruments and NASD was built-in and today the NASD trades OTC disinterestedness antithesis in the market. The Abuja Bolt Barter has AFEX now, which is addition t barter congenital in Abuja as able-bodied and attractive to advance the bazaar in the t space. So, the Nigerian Banal Barter is equities abject alike admitting they barter ETFs and retail bond, but they don’t barter commodities.
So, the Abuja Bolt Barter is aggravating to access that bazaar decidedly and there is additionally AFEX, who is additionally aggravating to access the market, but I anticipate the access of the two are abstracted and their articles will best acceptable be different. In essence, we accept barter points, if you like, we accept FMDQ, which is OTC driven, NASD which is equities, but not listed on OTC, you accept Abuja Bolt Exchange, which is absorption on assertive artefact in the t bazaar and we accept AFEX. So, in aspect every one of those exchanges absolutely advancing a accurate amplitude and as you accept apparent all over the world, there will be mergers and acquisition, and Nigeria will not be different.
If you could recall, during that time, the backward Dennis Odife was absolutely affective for the basic barter points, assorted banal exchanges, the abstraction was angrily against by some people. I bethink aback Dr. Ndi Okereke-Onyuike was DG, in fact, Dennis and Okereke-Onyuike were not affable because of this issue, to the admeasurement that Abuja Bolt and Exchange, which was declared to be Abuja Banal Exchange, trading in equities and not commodities, had its operation shut down. The battle was so angry that that the NSE appeared to be blame for a monopoly. My catechism is: Do you anticipate we should accept assorted banal exchanges and basic barter points, trading in equities in Nigeria?
My booty is that, like somebody said at the Apple Federation of Exchanges Congress about two or three years ago, he says a country charge accept three things; you charge accept a flag, an army and a banal exchange. Why do you appetite to accept assorted exchanges that barter the aforementioned affair in a bazaar that is actual small? Why don’t you body it first, accept a aqueous bazaar and thereafter advance others. Once you fragment, you abate the absorption and accommodation to absolutely abound it first.
What is your bulk hypothesis for deepening the Nigerian basic market?
There are two things that accept to happen: One is to accept banks’ antithesis area aback to the market. We accept to accept that clamminess back; we accept to accept acclaim abounding into the accordance traders, which is what collection our market, afterwards that accurate acclaim to accordance traders, not necessarily brokers, but institutions that do accordance trading whether dealers, brokers, allowance loans. We accept to appear aback to that structure.
You can restructure it in a way that there is bigger controll than it acclimated to be. But now, the banks are absent, they accept to appear back. If you go to London Banal Exchange, the banks are the better traders in the market. If you go to New York Banal Exchange, the banks are the better traders in the market. Why should it be altered in Nigeria? Attending at the authoritative basic of the brokers. With N300 million, N500 million, what can you do? Not much. So, the affair is that at the time we had circadian trading of about N100 actor aback in the day, the banks were finer lending to individuals and brokers to trade.
There is consistently acclaim in the basic market, afterwards that credit, you won’t see the clamminess and that is what we charge to accompany aback into the bazaar and the regulators accept to coact and accompany accurate anatomy in such a way that it will accompany aback the banks into the basic market.
Are you advocating increase in capitalisation?
I am not advocating access in capitalisation, but we cannot accept a bazaar that is trading at its best let us say N5 billion and you accept 220 alive broking firms. If we appetite our bazaar to grow, we accept to consolidate and be able to accept big, strong, able-bodied able allowance firms that will drive ability in this market. 220 is way out of range.
Recently, CSCS won an accolade organized by CFi.co, a UK-based all-embracing magazine. How did CSCS accomplish it? How were you chosen?
CFI.co is online and book magazine, which focuses on cyberbanking bazaar as a whole. They accept focus additionally on arising markets and Nigeria actuality a borderland bazaar they tend to cover, from time to time, contributors to the development of markets and what efforts are you authoritative to change the market.
Having been appointed CEO aftermost year, I assumption they tend to track, abnormally aback you accept bazaar basement like we have, to see what is the appulse the new CEO is activity make? And, if there is a lath change, what is the new lath activity to do? About two or three months to acquaint us that we had been nominated for this award, accepting apparent what we’ve done in the aftermost seven, eight ,nine months o f the year. And we went through a console of board and
interviews to actuate how far we’ve gone; how we are accomplishing and whether what they’re seeing is absolutely what is happening. Fortunately the console of board acquainted that we are accidental decidedly to the bazaar and there is a cogent advance in what this cyberbanking infrastructure, in this case, CSCS is accomplishing and absitively to accord us the award. I’m abundantly blessed that we won the award, because what CFI.co is and the actuality that it’s unsolicited makes us actual proud.
How abounding institutions were advised for the award?
Actually, what CFI.co doesn’t do is to acknowledge who the participants are. It’s not a appearance array for them; it’s attractive at assorted institutions and from the console of board selecting, so that it would animate others to participate aing time. Sometimes aback institutions participate, they don’t win. Aing time, aback they appetite to do account with them, they apparently would not participate. I assumption that’s what CFI.co is accomplishing and we are actual appreciative of ourselves, we are animated that we won the award.
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