Nutanix, a leader in hybrid multi-cloud 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.
The Central Securities Clearing System PLC (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,” says Tobe Nnadozie, Divisional Head of 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,” reveals 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,” states 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,” adds 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 adds.
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,” says 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.”
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