Modupe Gbadeyanka
By Modupe Gbadeyanka
A new web-based application that will enhance the interface between registrars of companies in Nigeria and the Central Securities Clearing System (CSCS) Plc has been introduced. The new platform is called Regconnect and it provides easier-to-use platform for exchange of information.
The data exchange application and Regconnect solution are being run on a parallel deployment until December 2019, when total switch over to Regconnect will occur.
Managing Director of the clearing agency, Mr Haruna Jalo-Waziri, explained that the new application was part of the strategic pillars to automate and improve operational efficiency in the Nigerian capital market, noting that it would automate 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,” Mr Jalo-Waziri said.
It was stated that Regconnect was designed by the clearing house having reviewed its operations and methods of interaction with registrars.
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.
But with this application, there would be an easy day-to-day processing and maintenance of registers, with immediate validation of all data being submitted to ensure the accuracy of records, and in less time.
Managing Director of Africa Prudential, Mr Obong Idiong, applauded 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.”
Idiong said.
On his part, the CEO of First Registrars and Investor Services Limited and President, Institute of Capital Market Registrars (ICMR), Mr Bayo Olugbemi, said the introduction of the solution to the Nigerian capital
market was a welcome development as the solution will reduce processing time, enable swift communication between registrars and CSCS, as well as enhance seamless data transmission.
According to him, Regconnect will give registrars total control over their use of the solution by offering an entity-based operational structure where each entity manages their access rights and operations, in addition to the ability to validate data right from their offices.
He commended this collaborative effort, noting the fact that the solution comes at no additional cost to the registrars and issuers.
