Latest news with #UEMOA
Zawya
22-07-2025
- Business
- Zawya
Côte d'Ivoire: The African Development Bank's Capital Markets Development Trust Fund (CMDTF) supports establishment of digital platform for public offerings
The Central Depository/Settlement Bank (DC/BR) has officially launched its new digital platform for public offerings (DIGIAPE), with support from the African Development Bank ( DIGIAPE will automate primary market subscriptions in the West African Monetary Union's (UMOA) regional financial market, enhancing both the transparency and reliability of securities allocations while boosting competitiveness through real-time allocation of securities at the close of trading. The African Development Bank is providing $400,000 through the Capital Markets Development Trust Fund for technical support to support the design, installation and operationalization of the DIGIAPE platform, to build staff capacity in managing the platform, and enhance the ability of regional financial market stakeholders to use the platform. Ibrahim Kalil Konaté, Ivorian Minister for Digital Transition and Digitization, was present at the launch event, which was also attended by representatives of the African Development Bank, the Central Depository/Settlement Bank, the UMOA Financial Markets Authority and financial market players. 'The African Development Bank is a key strategic partner in the development of the regional financial market – as evidenced by our having committed more than two billion euros to the financial sector in the West African Economic and Monetary Union (UEMOA) zone, through our various instruments, since 2014,' said Ahmed Attout, Director for Financial Sector Development at the African Development Bank. 'Our intervention is a continuation of the Bank's support for players in the West African Monetary Union regional financial market, which began in 2018,' said Akane Zoukpo Sanankoua, Manager of the Capital Markets Development Division at the African Development Bank. 'Support for the establishment of the DIGIAPE platform once again demonstrates the ability of the Capital Markets Development Trust Fund to respond concretely and strategically to the needs of Africa's changing markets,' she added. DIGIAPE is expected to reduce settlement times and enable real-time allocation of securities at close, creating a more attractive environment for international investors and greater flexibility for sovereign issuers. 'Technological innovation is now a powerful lever for transforming capital markets. In a constantly changing environment, the central depository/settlement bank, like other central securities depositories, must embrace this dynamic in order to meet the growing demand for security, efficiency, transparency and inclusion,' said Birahim Diouf, Director General of the UMOA Central Depository/Settlement Bank. 'DIGIAPE is a digital platform designed to automate and secure the entire subscription process for public offerings on the primary market. It is a concrete response to current challenges, particularly in terms of financial inclusion, the digitization of financial services and the transparency of the regional financial market,' emphasized Diouf. The Capital Markets Development Trust Fund was created in 2019 to contribute to the integration and competitiveness of African capital markets by supporting strategic reforms, strengthening market infrastructure, broadening investor bases and developing innovative instruments. It is supported by the Luxembourg Ministry of Finance, the Dutch Ministry of Foreign Affairs and the Swedish International Development Cooperation Agency. The Central Depositary/Settlement Bank is a specialized UMOA financial institution based in Abidjan, Côte d'Ivoire. It centralizes the custody of securities for its members, manages settlement/delivery operations following stock market transactions, and makes payment for securities events. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Romaric Ollo Hien Communication and External Relations Department African Development Bank media@ About the African Development Bank Group: The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
13-06-2025
- Business
- Zawya
Nigeria: FG told to formulate policies to improve Naira rating
CHAIRMAN, Managing Director and Chief Executive Officer, Bullion Go-Neat Global Limited, Ambassador Olufemi Ajadi Oguntoyinbo, has called on the Federal Government to urgently formulate policies that will improve the Naira's rating with other countries' currencies. Ajadi made the call in a statement issued to mark this year's Democracy Day which is celebrated annually on June 12, copies of which were made available to journalists on Thursday. According to Ajadi, the present economic situation in Nigeria has shown sadly that Nigeria has lost its status as the Giant of Africa. He averred that the exchange rate of Naira to Ghana Cedis and CFA currency of eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; Union conomique et Montaire Ouest Africaine) reflects the shambolic nature of Nigeria's economy. He expressed deep concern over the negative impacts of the dwindling value of the Naira on various sectors of the economy. He urged the Federal Government to swiftly address the issue to alleviate the hardships faced by the citizens. The parlous state of the Naira, according to Ambassador Ajadi, has led to a surge in prices of commodities, saying it is effectively eroding the purchasing power of the citizens. As prices soar, the Nigerian people find themselves grappling with increased financial strain. From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers, he said. Ajadi also called on the governments at all levels to improve infrastructure facilities in the country, especially the roads. Ajadi also called on the Federal Government through the Ministry of Aviation to improve the deplorable state of Lagos International Airport. He said Terminal 1 of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos, has poor ventilation, non-functional air conditions and has thus become an uncomfortable waiting ground for both local and international passengers.
Zawya
28-01-2025
- Business
- Zawya
Network International signs Memorandum of Understanding (MOU) with GIM-UEMOA to accelerate financial inclusion in West Africa
Network International (Network) ( a leading payment solutions provider in the Middle East and Africa, has signed a memorandum of understanding (MOU) with GIM-UEMOA, the regional payment scheme which promotes electronic payments across the banking, financial and public administration sectors in West Africa. This collaboration will drive innovation and enhance financial inclusion across the eight member countries of the West African Economic and Monetary Union (WAEMU). The partnership will help deliver innovative digital payment solutions under the GIM-Pay framework, leveraging the two organisations' collective strengths. This initiative aims to benefit the population of the UEMOA region by providing secure, seamless, and accessible payment systems that meet the growing demands of businesses and consumers alike. In addition to supporting the financial needs of users within UEMOA, the collaboration will enhance the value proposition of GIM-UEMOA's affiliated member banks, enabling them to better serve their end customers with cutting-edge digital payment solutions. This offering aligns with the region's commitment to fostering economic growth and financial inclusion. 'Partnering with GIM-UEMOA represents a significant milestone for Network International. Together, we aim to harness our combined expertise to empower the UEMOA region with state-of-the-art payment solutions that drive economic inclusion and prosperity,' said Dr. Reda Helal, Managing Director&Co-Head of Processing, Africa at Network International.' 'This collaboration with Network International allows for the pooling of infrastructure and solutions to bring cutting-edge digital payment solutions to the West African banking sector. We look forward to the benefits that will be realised for financial services entities throughout the region,' said Minayegnan Coulibaly, Managing Director of GIM-UEMOA. Under this partnership, Network International and GIM-UEMOA have reaffirmed their shared commitment to innovation and collaboration in West Africa's financial technology space. This partnership also underscores the importance of alliances in addressing the diverse financial and economic needs of the UEMOA region. Distributed by APO Group on behalf of Network International. About Network International: Network International is the Middle East and Africa's largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants. For more information, visit About GIM-UEMOA: The WAEMU Interbank Electronic Payment Group (GIM-UEMOA) is a regional payment scheme, switch and processor which brings together 150 affiliated members that are banks, financial institutions&postal offices, microfinance structures and electronic payment institutions. Our main mission is to promote electronic payments&systems across the banking&financial sector, public administration and population of the WAEMU region. Constituted of eight countries – Senegal, Benin, Burkina Faso, Guinea-Bissau, Cote d'Ivoire, Mali, Niger&Togo – the UEMOA region counts 141 million inhabitants.
