Umoa: the Financial Markets Authority takes stock 25 years later

Umoa: the Financial Markets Authority takes stock 25 years later

The tutelary body of the financial markets of the Umoa zone is 25 years old. For the occasion, the major players in African finance are in Abidjan for an international conference this Thursday, January 19 in the Ivorian capital.

Financial markets authority of the Umoa zone (AMF-Umoa). This is the new name of the former Regional Council for Savings and Financial Markets (CREPMF) which is also changing its visual identity 25 years after its creation. To mark this quarter of a century of existence, the AMF has invited players in African finance to Abidjan, where the Regional Stock Exchange (BRVM) is also headquartered, for an international symposium. The objective, take a look at “the regional financial market of Umoa, 25 years later…”.

At the opening of these meetings, which are being held in a global economic context marked by the effects of Covid-19 and the Ukrainian crisis, Badanam Patoki, the president of the institution, presented the picture deemed satisfactory of the actions carried out by this body in accordance with the roadmap received since its creation in 1997. We therefore note, among other things, the effectiveness of the resident presidency which has made it possible to accelerate the supervision of the conduct of market reforms, the gradual financial empowerment of the body whose operation was strongly supported by the subsidy of the Member States, the establishment of the regulatory framework of the Third Compartment dedicated to companies, and consequently, the widening of the range of market players with the introduction of Listing sponsor, and the establishment of specialized advisory commissions to strengthen the governance of the Body, in particular an Audit Committee and a Scientific Committee.

We also mention the transition to continuous listing on September 16, 2013 and the operationalization of the online stock exchange since January 1, 2022, the reduction of the settlement/delivery time for securities from five days to three days, and the adoption of texts relating to the fight against money laundering and the financing of terrorism within WAMU Member States; and more recently the uniform law on stock market and related offences.

For Adama Coulibaly, the Ivorian Minister of Economy and Finance, this symposium is an opportunity to take stock of the regional financial market in a particular economic context and to project oneself into a no less uncertain future given that the persistence of these crises weighs heavily on the global economic outlook.

Several panels furnished this symposium to find solutions to both structural and cyclical problems of the economies of the Umoa zone which includes Côte d’Ivoire, Senegal, Mali, Niger, Burkina Faso, Togo, Guinea – Bissau and Benin.