Nigeria: COVID-19 - CSCS Activates Business Continuity Plan, Goes Fully Digital

30 March 2020

The Central Securities Clearing System (CSCS) Plc, at the backdrop of the challenging environment of Coronavirus (COVID-19) pandemic, has activated its business continuity plan while going fully digital.

In a message to participants and partners, exchanges, brokerage firms, custodians and registrars, CSCS said it is leveraging its digital channels to meet all requests at this period, as it joins global institutions in the campaign for social distancing.

"Notably, the X-alert, an SMS sent by CSCS on all transactions carried out on the Nigerian Stock Exchange is also being used to educate investors on the need for social distancing and safety precautions against the coronavirus (COVID-19).

Speaking on COVID-19, Mr. Haruna Jalo-Waziri, the Chief Executive Officer, CSCS Plc 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."

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