APSGI-UEMOA (Professional Association of Brokerage Firms in the WAEMU)

Founded on December 3, 1998, the Professional Association of Brokerage Firms in the WAEMU (APSGI-UEMOA) serves as the representative body for Brokerage Firms (SGI) operating in the eight (8) member countries of the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Currently, the association comprises 35 SGIs and plays a key role in promoting and developing the Regional Financial Market (RFM).

SGIs: Description and Role

Brokerage Firms (SGIs) are specialized financial institutions that are explicitly excluded from traditional banking regulations.

• They are structured as joint-stock companies with a minimum capital requirement of 1 billion CFA francs.
• Their primary mission is to facilitate access to financial markets by managing portfolios and conducting market transactions.

Distribution of SGIs by country:

• Côte d’Ivoire: 16 SGIs
• Senegal: 6 SGIs
• Benin: 5 SGIs
• Mali: 3 SGIs
• Burkina Faso: 3 SGIs
• Niger: 1 SGI
• Togo: 1 SGI
• Guinea-Bissau: No SGI currently.

The Regional Financial Market (RFM)

The Regional Financial Market (RFM) is an integrated platform within WAEMU, aimed at:

• Mobilizing savings from domestic and international sources to finance local economies.
• Diversifying the financial sector through instruments such as bond issues and equity offerings.

Since its inception in 1996, the RFM has raised significant funds but faces challenges such as limited financial inclusion, a lack of instrument diversification, and low public awareness.

APSGI’s Governance Structure

To fulfill its missions, APSGI relies on several governance bodies:

• The General Assembly: The supreme decision-making body, comprising all members, which deliberates on the association’s strategic directions.
• The Executive Committee: Composed of 6 elected members, it oversees operational and strategic activities.

APSGI’s Missions

The primary mission of APSGI is to contribute to the emergence of an efficient regional financial market by:

• Raising awareness among economic players about investment opportunities.
• Promoting regional integration through partnerships.
• Encouraging financial innovation and broadening investor participation, including individual investors.

History and Key Projects

Since its creation, APSGI has worked on several major projects to:

• Improve the liquidity of the RFM,
• Enhance the visibility of SGIs,
• And diversify the range of financial instruments available.