Seven African exchanges launched an integration project on Wednesday in Côte d’Ivoire, with the aim of facilitating cross-border trading of stocks and bonds on the continent.
The initiative, dubbed the Connecting African Stock Exchanges Project, includes the stock exchanges of Nigeria, Mauritius, Morocco, South Africa, Kenya, Egypt and the West African Stock Exchange. It will be tiled in a later stage from the Ghana and Botswana stock exchanges.
The exchanges remain separate markets with no cross-listing of stocks between them, but investors from different countries can now buy shares on other exchanges through a common platform that launched on Nov. 18, according to Reuters.
“This platform will enable the development of capital markets in Africa,” said Edoh Kosi-Aminonvi, managing director of the West Africa Regional Stock Exchange, speaking alongside other exchange managers.
Officials said the project represents 2,000 publicly traded companies with a market capitalization of about $1.5 trillion and is led by the Confederacy of African Exchanges and the African Development Bank.
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