When a WAEMU member state issues bonds to finance its budget, when a company seeks to raise capital from investors, or when an individual buys shares on the Regional Stock Exchange (BRVM), these transactions do not take place in a regulatory vacuum. Behind the daily operations of the regional financial market is an institution responsible for ensuring transparency, protecting investors, and enforcing the rules. This institution is the Regional Council for Public Savings and Financial Markets, better known by its acronym CREPMF.

Established in 1996 as part of the development of the WAEMU regional financial market, the CREPMF is the regulatory authority that oversees stock market activities in the eight member states of the Union. Its headquarters are located in Abidjan, Côte d'Ivoire, which is also home to the BRVM, one of the few regional stock exchanges in the world.

The existence of a regulator is essential for the proper functioning of financial markets. Investors agree to buy stocks or bonds because they trust the information provided to them and the rules governing transactions. Without this trust, markets would quickly lose their ability to mobilize savings and finance the economy.

The CREPMF intervenes precisely to guarantee this trust. Before a company or a government can solicit public savings, the operation must be reviewed and authorized according to the applicable rules. The institution notably verifies the quality of the information provided to investors so that they can make informed decisions.

This mission has grown in importance in recent years. The regional financial market is experiencing rapid expansion, driven both by the financing needs of states and by the progressive development of the private sector.

The figures illustrate this growth. At the end of the first half of 2026, the BRVM's market capitalization exceeded 11 trillion CFA francs for equities and over 11.5 trillion CFA francs for bonds. A decade earlier, these amounts were significantly lower. This increase reflects the growing importance of the financial market in financing the economies of the Union.

The CREPMF does not only supervise listed companies. Its scope of action also covers management and intermediation companies, asset management companies, collective investment schemes, business introducers as well as all professionals operating in the regional financial market.

This monitoring is essential because financial markets rely heavily on the flow of information. When a company publishes its financial results or when a government presents its debt strategy, investors use this data to assess risks and opportunities. Any misleading or incomplete information can lead to poor investment decisions and undermine market credibility.

The regulator thus has powers of control and sanction. In the event of a breach of market rules, it can initiate disciplinary proceedings against the actors concerned. This capacity for intervention aims to preserve the integrity of the market and protect investors.

States are now among the main users of the regional financial market. According to UMOA-Titres, the outstanding amount of public securities issued on the regional market exceeded 20 trillion CFA francs in 2025. Issuance of Treasury bills, fungible Treasury bonds, and public offerings has become a major instrument for financing national budgets.

This development explains why market regulation has a macroeconomic dimension. When investors have confidence in the regulatory framework, governments can more easily access the financing they need. Conversely, any erosion of this confidence can lead to higher financing costs or a reduction in investor appetite.

The private sector is also playing an increasingly important role. Several companies in the region use the BRVM to finance their development, while investment funds, insurance companies and pension funds are gradually increasing their presence on the market.

Pension funds and insurers are increasingly influential players. The resources they manage amount to trillions of CFA francs at the regional level. A portion of this capital is invested in government bonds, corporate bonds, or listed shares. The role of the CREPMF also includes ensuring that these investments are made within a sound regulatory environment.

The emergence of green bonds, sustainable bonds, and Islamic finance instruments such as sukuk has also broadened the regulator's scope of intervention. These new financial products address specific needs but also require appropriate transparency rules to ensure the credibility of the issuances.

The CREPMF thus participates in a function often summarized by a simple formula: protecting savings invested in the financial market. Behind this mission lies a much broader economic issue. The development of capital markets is one of the levers for mobilizing regional savings to finance businesses, infrastructure, and governments.

In a Union where investment needs amount to trillions of CFA francs annually, the ability to attract savings to productive projects depends largely on the trust placed in market institutions. It is precisely in this context that the CREPMF (Regional Center for Public Financial Markets) occupies such a strategic position in the WAEMU's financial architecture. Without this oversight, the development of the regional financial market would be far more difficult, and the financing of the economy would depend even more heavily on bank credit alone.