From now on, any depositary company with a minimum capital of 10 million can legally apply for a
admission to the third compartment reduced from 100 to 10 million CFA francs. It was announced yesterday,
Thursday, in Dakar, the president of the Regional Council for Public Savings and Financial Markets (Crepmf),
Mamadou Ndiaye, during the launch of the proofreading work of the basic texts of the regional financial market of
Umoa.
To increase its stock market capital and make full use of it in financing for the development of
West African economies, the Regional Council for Public Savings and Financial Markets (Crepmf), has
broadened its rating base by opening up to small and medium-sized enterprises (smes).
This decision taken by the Council of Ministers of the Union, on March 24, 2016, on a proposal from the Regional Council,
“to reduce the minimum capital of SMEs applying for admission to the third compartment from 100 to 10
million FCFA to facilitate their financing through the market channel is part of the dynamics of construction sites
reform of the regional financial market", said in Dakar yesterday, Thursday, the president of Crepmf Mamadou Ndiaye,
during a ceremony to launch the work of the rereading of the basic texts of the regional financial market
of the West African Monetary Union.
Addressing the issue, President Ndiaye said: "The challenges posed by these reforms for
the infrastructure of our main funding platform are important and huge, especially with the
fundraising for the numerous development plans for our economies and the support of
investment needs. Legitimizing his remarks, he said that in a context of increased demands from
States with regard to their ambitious national development or emergence programs, and the sector
private sector, engine of job and wealth creation, "it seems necessary and urgent to continue the effort to
modernization of the regulatory framework to make it more attractive while consolidating the protection of
savers”.
However, he points out that despite the imposed constraints, "we can congratulate ourselves on the performance
already reached by the market since its start in 1998 with more than 9,500 billion FCFA in resources
raised, of which more than 62% was used directly to finance the needs of the States, particularly in terms of
infrastructure, fifty-five (55) bond lines listed on the BRVM, four (4) lines of
Sukuk and forty-six (46) companies listed on the Brvm”.
Aliou Ndiaye, representative of the Minister of Finance and Budget, for his part, magnified this initiative
consisting in reforming to best meet the financing needs of SMEs/SMIs in order to boost the
economic growth for harmonious and sustainable development.
In his remarks, he invited central structures, commercial intermediaries, issuers,
investors, alongside the consulting firm, to make every effort to accelerate the pace of reforms by
with a view to making the regional financial market an attractive and secure financial center for sustainable financing
of the economies of the Union.