CBN, CSCS, Seek Public-Private Sector Alignment For Financial Resilience

In a bid to strengthen the resilience of financial markets amid increasing global disruptions, key stakeholders have called for deeper collaboration between the public and private sectors.

This call was made at the Annual International Conference of the Africa and Middle East Depositories Association (AMEDA), where financial experts emphasized the urgent need for interoperability, shared objectives, and collective action to safeguard market stability.

Speaking during a panel session themed “Resilience in Financial Markets: Preparing for Global Disruption”, Acting Director of the Financial Markets Department at the Central Bank of Nigeria (CBN), Dr. Okey Umeano stressed that aligning the objectives of public and private entities is critical for building resilient markets.

Umeano noted that to foster effective collaboration, stakeholders must prioritize collective goals such as financial inclusion and market security, even at the expense of commercial interests.

“The first step is agreeing on shared objectives between the public and private sectors. We must find ways to set aside purely commercial interests and work together towards broader economic goals,” he said.

He further advocated for flexible governance frameworks and open communication systems that promote transparency between regulators and market participants.

According to Umeano, interoperability—where infrastructure and systems are shared across institutions—will not only reduce operational costs but also improve efficiency and responsiveness during crises.

“We don’t all need to procure expensive systems individually and operate in silos. Collaboration will allow us to build integrated infrastructure capable of monitoring and managing risks collectively,” Umeano added, highlighting opportunities for system-sharing between entities like the Central Securities Clearing System (CSCS), the Nigerian Stock Exchange, and regulatory bodies.

Echoing similar sentiments, Head of Operations and Change at STRATE, South Africa’s Central Securities Depository, Beverley Furman stressed that global crises should serve as learning opportunities to reinforce collaboration.

Furman pointed out that while confidentiality and reputational concerns often limit information sharing, building sector-wide collaboration forums where experiences and scenarios are openly discussed is essential.

“We are highly interconnected, especially with cross-listed securities and participants operating across multiple jurisdictions. A disruption in one market has ripple effects across others. Hence, proactive dialogue and scenario planning are crucial,” Furman said.

Earlier in his opening remarks, Vice Chairman of AMEDA and Chief Executive Officer of CSCS Plc, Haruna Jalo-Waziri underscored the evolving role of financial markets and their infrastructure.

He called for a paradigm shift that repositions market infrastructures as active contributors to economic resilience, rather than silent operators.

“As we navigate complex disruptions—from digital transformation to climate change—Africa and the Middle East must focus on building resilient, inclusive, and sustainable markets,” Jalo-Waziri said.

He emphasized the importance of cross-border integration and the development of sustainable investment pathways to foster broader economic growth across the regions.

The conference concluded with a consensus that building resilient financial markets will require a deliberate and sustained commitment to collaboration, transparency, and shared innovation between regulators, market operators, and private institutions.

CBN, CSCS, Seek Public-Private Sector Alignment For Financial Resilience is first published on The Whistler Newspaper