Association Professionnelle des Sociétés de Gestion et d'Intermédiation de l'UEMOA (APSGI - UEMOA)

Jul 01, 2013

Association Professionnelle des Sociétés de Gestion et d'Intermédiation de l'UEMOA (APSGI - UEMOA)

The Partnership Secretariat Making Finance Work for Africa ​​(MFW4A) contacted Mr Pascal Djereke, President of the APSGI - UEMOA in order
to present his organisation. 1.




Could you briefly introduce the Association Professionnelle des Sociétés de Gestion et d'Intermédiation de l'UEMOA

APSGI-UEMOA (APSGI) is the professional association of brokerage firms operating in the West African Economic and Monetary Union. All stockbrokers become members once they are approved and licensed by the regulator, the Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF). APSGI currently has 21 member firms, which have the exclusive right to intermediate between investors and companies seeking to raise capital on the regional stock exchange (BRVM, Bourse Régionale des Valeurs Mobilières). APSGI members are also licensed to trade on the BRVM on behalf of their clients, provide advisory services, mobilise resources (from public and private sector clients including individuals), and manage investment portfolios on behalf of clients.
APSGI was established in December 1998, under the general operating rules of the BRVM issued by CREPMF. The association aims to promote members interests and also works to promote financial markets. APSGI is also consulted on regulatory issues related to the financial markets in particular and economic activities in the WAEMU in general.

The Association is managed by an Executive Committee composed of a President, a Vice- President and 4 Secretaries in charge of the portfolio, elected for a 2-year renewable mandate. Day to day activities are managed by a Permanent Secretary based at the Association’s headquarters at the BVRM headquarters in Abidjan.
2.





What are your main achievements and key lessons learnt?
  • APSGI secured Donor funding for outreach and promotional activities under the Regional Financial Market Development Plan (RFMDP). Events sponsored or facilitated with this funding included:

    • The 1st Stock Exchange Professions and Products Fair, held in Abidjan in 2010.
      A second edition is planned for
      September.

    • “Junior Stock Exchange Challenge (JTC)”, a Sub-regional Stock Exchange Simulation competition, linked to BRVM data and open to teams of students and financial market enthusiasts over 5 months.

  • APSGI is member of working groups or technical implementation committees for several financial sector initiatives including AfDB’s recent initiative on Promoting Local Currency Bond Markets and the ECOWAS project for the integration of the Abidjan, Accra and Lagos Stock Exchanges.

  • We are working with Africa Investor, a South African Group, to ensure visibility for the Association at a pan-African and international level, and have been invited to attend AI’s “Investment summit” in New-York next September.

  • We have made good progress in negotiations with our regulator, CREPMF, on introducing more flexible pricing regime market operations.
  • A greater mobilisation of members and ownership of the new executive bureau’s work programme, especially in the light of the achievements cited above.
    Our greatest challenge remains achieving greater visibility for the association and promoting financial markets within the WAEMU.
3.





What are your major activities in the coming year?
  • APSGI will continue to seek greater regional and international visibility, building greater financial awareness and increasing our members’ activities within the WAEMU area. Our priority activities will include:

    • Improving understanding of the status and role of stockbrokers and their

      financial and economic impact amongst the sub-regional authorities;
    • Building on the success of the Stock Exchange Fair and the JTC to promote greater financial awareness in the WAEMU area.
  • APSGI, in its capacity as co-organiser, is currently preparing to launch the 2nd edition of the stock exchange professions and products fair next September. The fair aims to familiarize the general public and economic operators the various activities of stockbrokers and associated professions such as stock investments, financial engineering, financial markets etc…

  • ASPGI is also supporting an on-going project by BVRM, to create a 3rd window / list for SMEs and businesses that do not meet current conditions for listing on the BRVM.

  • APSGI would like to promote the stock exchange through WAEMU-wide media programmes, the organisation of forums and seminars on specific themes for financial market amateurs and professionals in order to improve their skills.


    • APSGI will also continue to participate in the ECOWAS financial sector integration project mentioned earlier and regional projects.

    • APSGI will also strongly contribute to investors protections through the Savers Protection Fund effective in 2013
4.





What are some of the major challenges faced by your institution?
We have two main challenges:
The first relates to the association’s visibility. APSGI has to prove that it can and does make an important contribution to the development of our sub-region, and thus to Africa as a whole. This is important for the authorities (regulators, policymakers, etc.) not only in our region, but also
across Africa.









It therefore has to be more dynamic and engage in activities with a greater impact on economic operators and the general public, through more sustained promotion campaigns. We can only do this with the increased engagement and support of our own members across the sub-region, and that is an internal challenge we face.
The other challenge is the mobilization of resources to sustain and develop our activities. Since its establishment, APSGI has been surviving on membership dues amounting to some USD 25,000 a year. Our activities are therefore very limited in scope. The current management team is admittedly showing greater ambitions with encouraging initial results but still needs to mobilise the resources to support its activities.

5.





How can Making Finance Work for Africa support your work?
Making Finance Work for Africa can support ASPGI at 2 levels:
  • Enhancing APSGI’s visibility by involving APSGI when necessary in its strategic initiatives and activities to promote finance in Africa. This will contribute to building APSGI’s brand and the visibility necessary for its activities;

  • Providing additional resources, either directly or by facilitating access to other donors (recommended).