Africlear strategises to promote financial inclusion across Africa

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AFRICLEAR has announced a number of initiatives designed to promote financial inclusion and improve market integration across Africa by planning to launch a platform that will enable investors attend general meetings electronically and vote in real-time.

Investors can also appoint proxy, attend concurrent meetings, ask questions and express opinions, among numerous other functions.

This was made known in Lagos at the recently concluded board meeting of Africlear leading representatives comprising Central Securities Clearing System (CSCS) Plc, African Development Bank (AfDB), Central Depository and Settlement Corporation (CDSC) Kenya, and Altree Financial Group.

Africlear Chairman and CDSC Kenya Chief Executive, Rose Mambo said the platform will enable issuers to make convocations, announce agendas, share documents and more effectively control the meeting process.

She added that the electronic general meeting platform will improve financial inclusion for shareholders whilst reducing issuer costs by leveraging operating efficiencies.

“Typically, we find that companies operating in Africa have very low attendance at their general meetings as investors are reluctant to travel from far parts of the country. With the electronic general meeting solution, investors can vote, participate, or just watch the proceedings without physically being present.” said Ms. Mambo.

Speaking further on these initiatives, MD/CEO, CSCS Plc, Kyari Bukar said Africlear will not only enhance financial inclusion, but also improve market integration through collaborative approaches designed to harmonize post-trade processes and procedures.

According to Kyari, “by aligning a central security depository’s interests with those of the underlying technology provider, Africlear is changingthe way African CSDs do business.”

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