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Webinar : Connecting African capital markets

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Webinar : Connecting African capital markets

Posted on February 23, 2021 by asea

Webinar: Connecting African capital markets


Feb 25, 2021 | Virtual (Online)


Date: 25 February 2021, 1 pm (Abidjan/UTC)


MFW4A and the African Securities Exchanges Association (ASEA) invite you to a webinar to share progress on the African Exchanges Linkage Project to connect Africa’s leading securities exchanges and boost cross-border investment flows across Africa. 

AELP is a joint initiative of ASEA and the African Development Bank to facilitate cross-border trading across seven leading African securities exchanges that together represent more than 90% of Africa’s market capitalization and cover 14 countries and four regions. 

We are very honoured to have as keynote speaker His Excellency Mr. Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat. 

The AfCFTA, launched on 1 January 2021, is the world’s largest free trade area by number of countries. It includes free trade in financial services. ASEA is closely aligned to the AFCFTA because flow of investment and capital have been key pan-African objectives since the Treaty establishing the African Economic Community (Abuja, 1991). 

The AELP seeks to unlock Pan-African investment flows, promote innovations to support diversification for investors, and address depth and liquidity in Africa’s financial markets. The AELP Link technology platform will route orders and confirmations between stockbrokers on the participating exchanges on behalf of clients. The joint project is funded by the Korean-African Economic Cooperation (KOAFEC) Trust Fund through the African Development Bank.

The 25 February webinar will build awareness of continental steps to increase free flow of investments and capital, creating more opportunities for African savers and funds. It will include an update on progress in procuring the AELP Link Technology Platform, analysis of liquidity needs and other challenges on the African capital markets, and progress in creating stronger networks among African stockbrokers. The discussion will highlight how seven leading African Exchanges are working together to promote this through the AELP Link technology platform. We will discuss its potential impacts, including on the participating stock exchanges, liquidity and of the investment opportunities offered. 

This webinar is relevant to CEOs, policy-makers, brokers, traders, retail investors and others interested in cross-border trading and investment. The webinar will give an update on current progress in implementing the project.


AELP will improve the depth and liquidity of Africa’s capital markets and foster investment flows among the participating Exchanges by enabling cross-border securities trading using an order-routing system (AELP Link technology platform) to channel orders between Stockbrokers. The participating Exchanges are:



Country (ies)


Bourse Régionale des Valeurs Mobilières 

Benin, Burkina Faso, Côte d’Ivoire, Guinea

Bissau, Mali, Niger, Senegal and Togo


Casablanca Stock Exchange



The Egyptian Exchange



Johannesburg Stock Exchange

South Africa


Nairobi Securities Exchange



The Nigerian Stock Exchange



Stock Exchange of Mauritius



The Exchanges are working together to build connected and resilient African capital markets, less dependent on volatile global capital flows. Improving cross-border investment will bring more opportunities for African investors and for those raising capital to reach investors across the continent. 

The AELP is a key step towards integrating Africa. It supports free movement of capital and puts into effect the ideals of Pan-African trading and investment of the Abuja Treaty (1991). It complements the strong momentum behind the African Continental Free Trade Agreement (AfCFTA) and builds on significant Pan-African trade and investment initiatives over the years towards achieving the Aspirations of the African Union’s Agenda 2063.  

The AELP is building awareness with CEOs, policy-makers, brokers, traders, retail investors and others interesting in cross-border trading and investment. The webinar will give an update on current progress in implementing the project.


H.E. Wamkele Mene

Secretary General, The African Continental Free Trade Area (keynote speaker)
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His Excellency Wamkele Mene was elected by the 33rd Ordinary Session of the Assembly of Heads of States & Government of the African Union to the position of Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat. Before this, he served as Chief Director: Africa Economic Relations, at the Department of Trade & Industry of the South African Government. He was South Africa’s chief trade negotiator in the AfCFTA and Tripartite FTA negotiations and during his tenure as chief negotiator, South Africa ratified both agreements. Other roles include as Director: International Trade Law & Investment Law at the Department of Trade & Industry, where he was principal legal counsel. From 2010 until 2015, Mr. Mene represented South Africa at the World Trade Organisation (WTO) in Geneva, Switzerland, where he was elected by over 130 governments to Chair the Committee on International Trade in Financial Services. Previously he worked for law firms Simpson Thacher & Bartlett LLP in London and Milbank, Tweed, Hadley & McCloy LLP (now Milbank LLP) in Hong Kong.


Dr. Edoh Kossi Amenounvé

CEO, Bourse Régionale des Valeurs Mobilières (BRVM) & Central Depository/Settlement Bank (DC/BR)

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Dr. Edoh Kossi Amenounvé is the President and member of the Executive Committee of the African Securities Exchanges Association (ASEA) since May 2020. He is the CEO of the Bourse Régionale des Valeurs Mobilières (BRVM) and the Central  Depository /Settlement Bank (DC/BR) since October 2012. Before that, from September 2003 to September 2012, he was Secretary General of the Regional Council for Savings and Financial Markets (CREPMF), the financial market regulation authority of the West African Economic and Monetary Union (WAEMU). Dr. Amenounvé is the Past Chairman of the West African Capital Markets Integration Council (WACMIC). He holds a PhD in Administration and Finance from Laval University in Canada (1995) after an MBA (1992).


Stefan Nalletamby

Director, Financial Sector Development Department, African Development Bank


Mr. Stefan Nalletamby is the Director for the Financial Sector Development Department at the African Development Bank (AfDB) since its creation in September 2014. He oversees three Divisions spanning Financial Inclusion and Intermediation, Capital Markets Development, and Trade Finance. He was previously the Coordinator of the Making Finance Work for Africa (MFW4A) Partnership, a unique platform for African governments, the private sector, and development partners to coordinate financial sector development interventions across the continent. Before this, he spent ten years in the finance complex of the AfDB, including as Advisor to the Vice President, Finance, where he designed and launched the African Financial Market Initiative (AFMI) to further develop local currency bond markets on the continent. Earlier, he spent nine years in the Treasury department, in positions spanning from Principal Investment Officer to Group Treasurer. Before joining the AfDB, Mr. Nalletamby spent 12 years in the international capital markets, initially as a Bond Trader and then Head of Bond Trading and Sales with BNP Paribas in Paris, Tokyo and Madrid.


Akin Adigun, CFA

Senior Capital Markets Officer, African Development Bank


Mr. Adigun is a Senior Investment Officer - Capital Markets at the African Development Bank in Cote d’Ivoire. His responsibilities include the identification, structuring and execution of projects and initiatives that contribute to developing African capital markets. He works with private and public sector institutions including corporations, governments, asset managers, institutional investors, stock exchanges and financial market regulators. He previously worked as Vice President, Equities Product Group, at Renaissance Capital and he has held Senior Analyst positions at CSL Stockbrokers Limited (FCMB Group) and ARM Investment Managers in Lagos, Nigeria. Akin holds a BSc degree in Accounting from the University of Lagos (first class honors) and an MBA from IE Business School, Madrid. He is a Chartered Financial Analyst, a qualified Accountant with the Institute of Chartered Accountants of Nigeria and a licensed stockbroker.

Gerald Gondo

Consultant, Business Development Executive, RisCura 

Mr. Gondo is responsible for Business Development as an Executive within RisCura Africa. He was instrumental in the establishment of RisCura in Zimbabwe in 2014 after identifying the country’s need for an independent advisor with proven credentials in advising institutional investors. Before joining RisCura, Mr. Gondo was a founding partner  of Atria Africa, a specialist investment advisory and investment management business based in Mauritius. He also worked for Imara Asset Management as lead analyst on listed equities in Egypt, Morocco, Zambia and Mauritius, and building Imara’s fixed-income capability in Zimbabwe. He started his career in private equity investment with Business Partners and has worked as a credit analyst for Futuregrowth Asset Management. Qualifications include MCom (Financial Management).


Guy R. Menan

Knowledge & Research Manager, Making Finance Work for Africa


Mr. Menan has over 15 years of experience in the financial sector in Africa and the US. Prior to joining MFW4A, he worked at a New-York-based research firm, focusing on African frontier markets. He also worked as an Investment Officer with the Alexandria-based fund Venture Verde and at the North American HQ of Roche. Previously he was Head of Research at regional asset management firm SOAGA (la Société Ouest Africaine de Gestion d'Actifs), where he contributed to the inception of the Central African capital markets, advised on major investments for the West African Investment Fund, and monitored stock movements on the BRVM. He began his career at Hudson, a brokerage firm in Côte d’Ivoire. Mr. Menan is a graduate of the Polytechnic National Institute of Cote d’Ivoire and holds an MS-MBA in Finance from the Kelley School of Business in Indiana.


Tom Minney

Project Manager, African Exchanges Linkage Project (AELP)

Mr. Minney is Project Manager for the African Exchanges Linkage Project, a joint venture of the African Securities Exchanges Association and the African Development Bank. He has over 30 years of experience, previously as CEO of African Growth Partners, specialized in capital markets and their contribution to economic development. Projects include strategy execution in demutualization and in listings, training, capacity assessment for a regulator and research. Tom was General Manager of the Namibian Stock Exchange (1995-2000) and worked in investment banking in Namibia and transaction advisory with EY in Ethiopia. He advises on corporate governance and has been Company Secretary for a global fair-trade company and non-executive director of a parastatal. He edits www.africancapitalmarketsnews.com.


Willie Njoroge

CEO, Kenya Association of Stockbrokers and Investment Banks (KASIB)

Mr. Njoroge is credited with transforming KASIB and positioning it as a strong and vocal body advocating for its members and the industry at large. He has championed initiatives that have guided the development and deepening of Kenya’s capital markets including M-Akiba (Treasury bond accessible to retail investors by phone) and Ibuka (pre-listing programme for growth firms), as well as advocacy and lobbying strategies that have safeguarded the growth of financial markets. He is an accomplished lobbyist and advocacy practitioner whose achievements include spearheading the lobbying initiatives against capital tax, “Robin Hood” tax and Withholding Tax for fixed income securities including Green Bonds. He is among the founding members of the African Stockbrokers and Securities Dealers Association (ASSDA).


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