Roundtable with the Senegalese Press: The Director General of the Central Depository/Settlement Bank (DC/BR) of UEMOA Presents the 2024 Outlook

Dakar, Tuesday, July 16, 2024 – The Director General of the Central Depository/Settlement Bank (DC/BR) of the West African Economic and Monetary Union (UEMOA), Mr. Birahim DIOUF, held a roundtable today with the Senegalese press to review the institution's activities and outlook.

“According to the 2024 projections, more than 2,320 billion FCFA are expected to be redistributed through the banking sector for the benefit of bond market investors,” stated Mr. DIOUF, highlighting the potential of the regional financial market in terms of resources.

Regarding the DC/BR's outlook, Mr. DIOUF noted that its strategy is primarily focused on the digitalization of its operations and the diversification of its service offerings.

Thus, one of the major ongoing projects, "client-level account registration," aims to align the regional financial market with international best practices in terms of transparency, risk management, and the fight against money laundering and terrorist financing, while fostering innovation. This initiative is also expected to strengthen market activity oversight and enhance its attractiveness on a global scale.

The Director General of the DC/BR also discussed with journalists the reduction of the securities transaction settlement/delivery cycle from T+3 to T+2. According to him, once implemented, this reduction should help boost market liquidity.

Other projects, such as the digitalization of primary market subscription operations, the adoption of Swift standards, and the "Repository" exchange platform, were also part of the discussions. The DC/BR ended 2023 with significant growth in its activities.

It distributed 1,929 billion FCFA in 2023, compared to 1,497 billion FCFA in 2022, for the payment of dividends, interest, and bond principal repayments—an increase of 28.83%. Furthermore, the centralized custody of securities at the DC/BR reached 19,140 billion FCFA in 2023, compared to 17,861 billion FCFA in 2022, representing a 7.16%increase.

ABOUT THE DC/BR

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

It is responsible for the centralized custody of securities for its members, ensuring the successful completion of securities settlement/delivery operations following stock market transactions, as well as managing corporate actions and related payments.