West Africa Launches DIGIAPE to Digitize Public Offerings With AfDB Aid

In a transformative leap for capital market efficiency and transparency, the Central Depository/Settlement Bank (DC/BR) of the West African Monetary Union (UMOA) has officially launched DIGIAPE, a state-of-the-art digital platform designed to fully automate primary market public offerings. The launch—hailed as a landmark moment for the region’s financial infrastructure—was made possible through the strategic and financial backing of the African Development Bank (AfDB).

DIGIAPE, short for Digital Public Offering Platform, is set to redefine how public securities are issued, subscribed, and allocated across UMOA member states. By enabling real-time allocation of securities at the close of trading and streamlining subscription processes, the platform will enhance competitiveness, transparency, and investor confidence in the regional financial market.

Automating Primary Market Transactions for a New Era

The platform is a direct response to longstanding inefficiencies in the region’s primary market operations, where manual processes, delayed settlements, and limited technological integration often hinder investor access and institutional participation.

With DIGIAPE, the DC/BR aims to:

• Automate the entire subscription process for public offerings

• Provide real-time allocation of securities upon close

• Reduce settlement times for public issues

• Increase market transparency and investor trust

• Improve accessibility and inclusion for smaller market participants

“Technological innovation is now a powerful lever for transforming capital markets,” stated Birahim Diouf, Director General of DC/BR.

“DIGIAPE is a digital platform designed to automate and secure the entire subscription process for public offerings on the primary market. It is a concrete response to current challenges, particularly in terms of financial inclusion, the digitization of financial services, and the transparency of the regional financial market.”

AfDB’s Role: Technical and Financial Catalyst

The African Development Bank is playing a pivotal role in making this digital leap possible, through a $400,000 grant from its Capital Markets Development Trust Fund (CMDTF). This financial support is facilitating:

• The design, installation, and operationalization of the platform

• Capacity building of DC/BR staff to manage and optimize system usage

• Training and awareness for UMOA stakeholders to maximize adoption

• A broader push for digital transformation within Africa’s capital markets

Speaking at the launch event, Ahmed Attout, Director for Financial Sector Development at the AfDB, said:

“The African Development Bank is a key strategic partner in the development of the regional financial market—as evidenced by our having committed more than two billion euros to the financial sector in the West African Economic and Monetary Union (UEMOA) zone through our various instruments since 2014.”

His colleague Akane Zoukpo Sanankoua, Manager of the Capital Markets Development Division, added:

“Support for the establishment of the DIGIAPE platform once again demonstrates the ability of the Capital Markets Development Trust Fund to respond concretely and strategically to the needs of Africa’s changing markets.”

High-Level Endorsements and Broad-Based Participation

The launch of DIGIAPE was marked by high-level engagement and stakeholder support. Ibrahim Kalil Konaté, Ivorian Minister for Digital Transition and Digitization, attended the event, alongside representatives from the AfDB, the UMOA Financial Markets Authority, and key financial market players from across the subregion.

The platform is expected to significantly strengthen the UMOA financial ecosystem, making it more attractive to both domestic and international investors, and improving flexibility for sovereign issuers aiming to raise funds via public offerings.

Supporting Financial Inclusion and Capital Market Deepening

Beyond operational efficiency, DIGIAPE is envisioned as a powerful tool for financial inclusion, helping democratize access to public investments by enabling smaller investors, retail participants, and rural financial institutions to take part in capital market activity. This digital reform is also seen as a foundation for capital market deepening, a crucial step for enabling the UMOA region to better finance development, infrastructure, and private sector growth.

About the Stakeholders

• Central Depository/Settlement Bank (DC/BR): A specialized UMOA financial institution headquartered in Abidjan, Côte d’Ivoire, responsible for the central custody of securities, post-trade settlement, and corporate action payments for its members.

• African Development Bank (AfDB): A leading pan-African financial institution with a long-standing commitment to capital market development, regional integration, and financial sector reform.

• Capital Markets Development Trust Fund (CMDTF): Established in 2019 and supported by the Luxembourg Ministry of Finance, the Dutch Ministry of Foreign Affairs, and the Swedish International Development Cooperation Agency, this fund provides targeted financing to catalyze innovation, strengthen market infrastructure, and improve access to investment capital across Africa.

Looking Ahead

DIGIAPE is more than a digital platform; it is a strategic shift in how West Africa manages its capital markets, aligning with global best practices and responding to the demand for more efficient, inclusive, and transparent financial systems. As the region continues to modernize its financial architecture, platforms like DIGIAPE represent the future of African finance—digitized, integrated, and poised for growth.