E-Financial
CSCS Relies on Nutanix to Transform the Backbone of Nigeria’s Capital Markets
Nutanix, a leader in hybrid multicloud computing, announced today that the Central Securities Clearing System PLC (CSCS), Nigeria’s premier financial market infrastructure, has chosen Nutanix as its foundational technology as it commits to redefining Nigeria’s financial technology landscape.
By leveraging Nutanix’s solutions, CSCS has transformed its extensive operational infrastructure, realising significant financial savings and solidifying its position as a technological frontrunner in the capital markets.
CSCS stands tall as Nigeria’s premier financial markets infrastructure (FMI).
As Nigeria’s Central Securities Depository (CSD), CSCS is entrusted with depositing, clearing, and settling a staggering 99.3% of all trades in the capital markets.
As CSCS continues to push the boundaries of technological innovation in the financial sector, this collaboration with Nutanix exemplifies the transformative potential of forward-thinking technology choices that are helping it develop and deploy innovative solutions for its clients.
“We view ourselves not just as a financial entity but fundamentally as a technology company within the capital market,” said Tobe Nnadozie, divisional head, Business Technology & Digital Innovation at CSCS.
CSCS’s journey towards modernising its infrastructure began in 2018.
By 2019, they were set on a mission: to find a partner capable of pioneering self-service platforms, supporting cutting-edge technologies like AI and blockchain, and, most importantly, ensuring robust business continuity and disaster recovery.
“After a thorough analysis, Nutanix stood out as the undisputed leader,” revealed Nnadozie.
Yet, the road ahead was daunting. With over 70 physical servers to consolidate and immense data security needs, the task was Herculean. Nutanix was pivotal, helping us reduce our infrastructure to around 50 servers. They’ve been central in hosting our most crucial components, ensuring that 90% of our systems are now smoothly running on their clusters,” stated Nnadozie.
The collaboration also ensured unparalleled flexibility, with the capability to seamlessly switch between on-premises and cloud operations.
According to Nnadozie, Nutanix has provided CSCS with a robust support system it can tap into at any time, and the value of Nutanix Flow and the premium support services accessed through its Nutanix Ultimate License has been exceptionally valuable to the team.
“Integrating Nutanix resulted in immediate financial clarity, with savings of approximately $450,000,” Nnadozie remarks. The benefits extended to budget transparency, rapid scalability, and more. We also saw a benefit to our workforce. Our team can now manage this state-of-the-art environment through extensive training without expanding our personnel, and they can do this from anywhere,” added Nnadozie.
The project to upgrade its technology was more than just a project for CSCS, which strives to stay ahead of the financial services innovation curve and provide its customers with world-class services. The team believes that its agility, backed by its technology decisions, has revolutionised how it operates in the capital markets.
“Our CEO often refers to our operations, powered by Nutanix, as the engine room of Nigeria’s broader capital market,” he added.
Looking ahead, the team says it plans to expand its infrastructure with Nutanix and is setting its sights on a prolonged partnership stretching over the next five to seven years. This will include examining how the two can further collaborate to enhance their hybrid multicloud capabilities.
“From the outset, we recognised the innovative and forward-thinking ethos of the CSCS team,” said Tunde Abagun, sales lead at Nutanix West, East, and Central Africa.
“Their proactive approach to revolutionising Nigeria’s financial infrastructure has truly set them apart in the capital market space. At Nutanix, we pride ourselves on facilitating such transformational journeys and seeing CSCS leverage our technology with such proficiency and impact has been nothing short of astounding. We’re both proud and humbled to play a role in their ongoing success story.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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