Central Securities Clearing System Nigeria implements TCS Quartz

Nigeria’s Central Securities Clearing System (CSCS) has successfully completed the pilot of a new blockchain technology by the name of Quartz, designed and implemented by Indian IT services giant Tata Consultancy Services (TCS). The solution primarily facilitates international information exchange.

The solution is aimed at creating a collaborative environment for the banking sector across Africa, allowing for more transparency in financial transactions and an unrestricted flow of information amongst financial institutions in various African countries. The network comprises a part of the TCS BaNCS solution, which includes Standard Bank in South Africa.

The move comes at a time when the population across Africa is not only becoming more digitally connected, but is also becoming increasingly receptive towards digital banking. A number of major digital banking initiatives are currently underway in Nigeria, which makes the security of blockchain technology even more essential.

For CSCS, the implementation of the blockchain Quartz allows for an opportunity to exchange information with international players in real time, particularly under the broad umbrella of corporate action. The exchanges pertained to a number of equities and fixed income implements.

Commenting on the pilot, CEO of CSCS Nigeria Haruna Jalo-Waziri said, “Blockchain represents a unique opportunity for early adopters interested in transforming their businesses and industries. CSCS is excited to have worked together with TCS BaNCS and Quartz Solutions on this innovative pilot that has the potential of generating efficiencies in the financial markets. 

“This is a significant step towards our vision of being the globally respected and leading central securities depository in the region. Our next steps are to continue exploring ways in which CSCS could harness the capabilities of Blockchain technology in other areas of our core operations and extend it to other market participants in the region,” he added.

Vice President and c-Head of Financial Solutions at TCS R. Vivekanand said, “Each customer on the network represents not just a point of consumption of information, but also the promise of a continued flow of new data and transactions into a shared distributed ledger. This is the power of the BaNCS Network, in line with our Business 4.0 objective of enabling ecosytems.”