A UK not-for-profit financial services professional body is working with partners in the West Africa region to help develop their capital markets and promote economic growth.
The Chartered Institute for Securities & Investment (CISI) will join Agency UMOA Titres (AUT) and Financial Sector Deepening Africa (FSDA) to create a financial licensing certification system to raise financial sector capability and educate practitioners in the eight countries of the West African Monetary Union (WAMU): Benin, Burkina, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The WAMU dedicated certification is called CISI-UMOA program.
The project, which has the support of the United States Treasury Department, is funded by the FSDA, which receives its funding from the UK Government. CISI-UMOA program was officially launched during a ceremony held at the Central Bank of West African States (BCEAO) headquarters in Senegal. Fundamentals of Financial Services has already been launched and is being studied in French. A second examination in Bonds, specific to the local market, forms the second part of this pathway.
The CISI, which has a global community of 45,000 members in 111 countries, has been active in Africa in the financial services education sector since 2012 and to date its qualifications are being studied in 13 African countries, including Kenya, where it opened an office in June 2018, South Africa, and Nigeria.
Praneet Shivaprasad, CISI Senior International Manager said: “We are privileged to have been chosen as strategic partner for AUT and FSDA in this important project which will help to improve the attractiveness of the West African Monetary Union countries for potential investors.
“Financial markets are integral to the development of an economy and we are committed to helping to raise the education levels of financial services practitioners in our sector globally. It is an exciting time to be working with our partners in the West African market and help the next generation of financial services professionals demonstrate their knowledge, skills and competence, which, in turn, builds integrity and trust for all stakeholders and particularly consumers.”
Adrien Diouf, Managing Director of AUT (right at lectern) said: “We are delighted to have concluded with CISI a partnership that allows us to release a certification program in French that takes into account the specificities of our local market. Such a partnership will help bring our financial market to international standards and increase the chance of mobility of our professionals. Initiated by Agence UMOA-Titres and its partners, this dynamic will then need to be boosted by all regional financial market stakeholders.”
Evans Osano, Director of Financial Markets at FSD Africa commented: “We are delighted to see the official launch of the CISI programme in the WAMU region. The Partnership with a globally renowned training institute and AUT – a regional centre of excellence in sovereign debt management, will not only build much needed capacity in the capital markets within the WAMU region, but also will position the region as a trusted investment destination”.