Senegalese management and intermediation company (SGI) CGF Bourse is rated QSG-1 in Quality Management by WARA, ie 5 stars. The perspective is stable.
Dakar, 2 08/06/18 – West Africa Rating Agency (WARA) today announced the publication of the first CGF Stock Market Quality Management rating. On its regional scale of Management Quality of management and intermediation companies (SGI), WARA assigns to CGF Bourse the “QSG-1” rating, ie five stars, which is the maximum score for an SGI in Africa. ‘Where is. The perspective attached to this notation is stable.
This is the first time that WARA assigns a Quality Management rating to an SGI in the sub-region.
CGF Bourse was created in 1998, the start-up year of the activities of the Regional Stock Exchange (BRVM), the UEMOA stock exchange. It is regulated as SGI by the Regional Council for Public Savings and Financial Markets (CREPMF), the regional regulator of the financial market. CGF Bourse has a share capital of 1.5 billion FCFA.
CGF Bourse’s governance is sound and its management team is robust. With two decades of service to the financial markets and the management of savings in WAEMU, CGF Bourse’s managers have an intimate knowledge of their businesses and their markets.
SGI’s development strategy, backed by a differentiation in the quality and internationalization of the offering, is clear, consistent and accessible. The operational architecture and the technical execution are exemplary. This is a positive and essential factor of scoring. CGF Bourse perfectly masters the process of collecting savings and its allocation on sub-regional capital markets, with a high degree of proximity to its loyal clientele.
CGF Bourse is the first SGI to start retail with the launch in 2012 of its commercial agency. Customers also benefit from an online agency offering real-time market monitoring.
That said, CGF Bourse is still weakly diversified geographically, with respect to retail customers in custody. On the other hand, in the other professions with a more institutional vocation, diversification is satisfactory. Senegal’s historical SGI, in the retail segment, is still perceived as being too “Senegalese”, despite good internationalization efforts, and is seeking to impose itself even more in other WAEMU countries. Customer reporting remains relatively limited by international standards, but comparable to regional standards. CGF Bourse distributes only the funds it manufactures and does not offer savings solutions manufactured by third parties: CGF Bourse customers only have access to “home” funds. That said, other IMSs in the subregion have similar practices.
Source: Wara press release
