Meeting with the Press in Togo: The UEMOA DC/BR Provides an Update on Ongoing Projects

Meeting with the Press in Togo: The UEMOA DC/BR Provides an Update on Ongoing Projects

The Central Depository/Settlement Bank (DC/BR) of the West African Economic and Monetary Union (UEMOA) held an exchange meeting with the Togolese press on Tuesday, June 25, 2024, ahead of the second edition of the Sovereign Securities Exchange Day (JTS) organized by the UMOA-Titres Agency.

This meeting aimed to engage with local and international media and provide an overview of the projects currently in their active execution phase. The Director General of the DC/BR, Mr. Birahim DIOUF, presented two major projects included in the institution’s 2021-2025 Business Plan.

The first project, "client-level account registration," seeks to align the regional financial market (MFR) with international best practices in transparency, risk management, and anti-money laundering and counter-terrorism financing while fostering innovation.

"This project to register end clients with the DC/BR should strengthen the market’s oversight mechanisms and enhance its international attractiveness," he explained.

The second major project presented to the media concerns reducing the settlement/delivery cycle for stock market transactions from T+3 to T+2.

According to Mr. DIOUF, shortening the settlement cycle to T+2 will boost the liquidity of the regional financial market. "Reducing the settlement period should help enhance market liquidity by enabling investors to access their funds or securities more quickly," he stated.

Other initiatives, such as digitizing subscription operations in the primary market, adopting SWIFT standards, and launching the "Repository" exchange platform, were also discussed with the media.

"Digitization should automate and simplify subscription operations, allowing individual investors to participate via their mobile phones and make payments using mobile money," he added.

The major challenge of digitization remains cybersecurity, which requires continuous investment and monitoring. "This is a recurring topic in discussions," the DC/BR Director General noted. "We must prepare by maintaining vigilance, as cyberattacks and the technologies used are becoming increasingly sophisticated."

Regarding the DC/BR’s recent performance, Mr. Birahim DIOUF highlighted that the institution ended 2023 with strong growth in its activities. It processed CFAF 1,929 billion in dividend, interest, and bond principal payments, compared to CFAF 1,497 billion in 2022—an increase of 28.83%.

Additionally, the centralized custody of securities at the DC/BR reached CFAF 19,140 billion in 2023, up from CFAF 17,861 billion in 2022, marking a 7.16% rise.

About DC/BR

The Central Depository/Settlement Bank (DC/BR) is a specialized financial institution of the UEMOA, headquartered in Abidjan, Côte d’Ivoire.

It ensures the centralized custody of securities for its members, guarantees the successful settlement/delivery of stock market transactions, and manages securities-related events.