The Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving eight West African countries, is pushing for harmonised listing rules and requirements across African capital markets to boost cross-border investment, improve liquidity and expand companies’ access to financing.
The exchange will advance the proposal at the Africa Financial Summit (AFIS), scheduled for November 3–4, 2026, in Luanda, Angola, where its managing director, Edoh Kossi Amenounvé, will speak on a panel examining whether harmonised listings can unlock cross-border liquidity across the continent.
The push comes as African exchanges pursue closer market connections through initiatives such as the African Exchanges Linkage Project (AELP), which seeks to facilitate cross-border trading and improve investors’ access to securities listed on participating exchanges.
However, the BRVM argues that technological connectivity alone will not deliver the full benefits of integration without greater alignment of listing requirements, financial reporting standards and market procedures.
“Interconnecting African stock exchanges represents an important step forward. To fully realise its potential, we must also work towards greater convergence in listing rules and requirements,” Amenounvé said.
He added that effective integration depends as much on establishing a shared framework of trust as on connecting market infrastructure, enabling companies to access capital more easily and investors to identify opportunities across borders.
The BRVM’s position draws on its experience operating a common securities market across the eight member states of the West African Economic and Monetary Union (WAEMU).
Unlike exchanges operating within individual countries, the BRVM functions under a common market framework, with a single regional regulator, the WAEMU Financial Markets Authority (AMF-UMOA), and shared clearing and settlement infrastructure.
According to the exchange, this model offers lessons for African markets seeking to reduce regulatory fragmentation and make cross-border investment more accessible, although it does not necessarily provide a framework that other regions must replicate entirely.
Greater convergence in market rules could help reduce the compliance burden facing companies seeking listings across multiple African exchanges while making it easier for investors to assess and trade securities in different jurisdictions.
For businesses seeking funding, such reforms could widen access to pools of capital beyond their domestic markets. For investors, they could create opportunities to diversify portfolios across countries and sectors, potentially strengthening trading activity and market liquidity.
The BRVM’s intervention also aligns with its 2026–2030 strategic plan, which prioritises technological modernisation and further development of the regional market to improve its attractiveness and support economic financing.
The exchange, which marks its 30th anniversary in 2026, is seeking to use its regional integration experience to contribute to broader efforts to deepen African capital markets.
The discussions at AFIS are expected to place regulatory alignment alongside infrastructure connectivity as a key consideration in building a more integrated continental financial system.
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
