African Development Bank invests in CSDs 12 May 2015Nairobi Reporter: Becky Butcher
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Central Depository and Settlement Corporation (CDSC) Kenya, Central Securities Clearing System (CSCS) Nigeria and Altree Financial Group have partnered with the African Development Bank to deliver improved information technology and support services to central securities depositories operating across Africa.
The fund for Africa Private Sector Assistance (FAPA), hosted in the African Development Bank (AfDB), has made a seed investment in Africlear Global for enhancing the efficiency of capital markets by supporting the modernisation of CSD infrastructure across Africa.
Africlear Global was founded by CDSC Kenya, CSCS Nigeria and Altree Financial, with the goal of improving African securities market infrastructure.
Africlear, which held its board meeting in Nairobi on 24 April 2015, said the immediate benefits include improved access to a wider securities services, greater collaboration between countries, and more cost-effective pricing of securities market infrastructure.
Rose Mambo, CEO of CDSC Kenya, has accepted the board’s nomination and will serve as Africlear’s first chairperson. She believes Africlear will enable central depositories across Africa to more easily identify, acquire and maintain critical systems and financial technology.
Mambo commented: “Africlear members will be able to realise significant cost savings via collective bargaining with industry participants and technology vendors.”
Africlear’s board members also include CSCS Nigeria managing director and CEO Kyari Bukar, Altree Financial Group chairman Anthony Fischli, and an as yet to be determined representative from the AfDB.
Kyari Bukar believes Africlear will accelerate process standardisation and promote system integration across borders. “By employing industry best practices, Africlear will facilitate improved levels of transparency and corporate governance within the African capital markets.”
He added: “This will enable local market practitioners to more effectively compete for domestic and international capital.”
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