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Africlear featured on KTN Live TV




Africlear Global Announces Investment by African Development Bank

Press Release - For Immediate Release

11 May 2015

Central Depository and Settlement Corporation (CDSC) Kenya, Central Securities Clearing System (CSCS) Nigeria and Altree Financial Group have partnered with the African Development Bank in an effort aimed at delivering improved information technology and support services to central security depositories operating across Africa. The Fund for Africa Private Sector Assistance (FAPA) hosted in the African Development Bank (AfDB) has made a seed investment in Africlear Global for the purpose of enhancing the efficiency of capital markets by supporting the modernization of central securities depository infrastructure across Africa. Click here to review the AfDB press release.

Africlear Global was founded by CDSC Kenya, CSCS Nigeria and Altree Financial with the goal of improving African securities market infrastructure by providing central securities depositories with the ability to offer value-added services which encourage the use of best practices whilst reducing the underlying costs associated with system acquisition and maintenance. Africlear, which held its board meeting in Nairobi on 24 April 2015, said the immediate benefits include improved access to a wider menu of comprehensive securities services, greater collaboration between countries, and more cost-effective pricing of securities market infrastructure.

CDSC Kenya Chief Executive Rose Mambo has accepted the board’s nomination and will serve as Africlear’s first Chairperson. She believes Africlear will enable central depositories across Africa to more easily identify, acquire and maintain critical systems and financial technology. “Africlear members will be able to realize significant cost savings via collective bargaining with industry participants and technology vendors,” said Ms. Mambo.

Africlear’s board members also include CSCS Nigeria MD/CEO Kyari Bukar, Altree Financial Group Chairman Anthony Fischli, and an as yet to be determined representative from the AfDB. Kyari Bukar believes Africlear will accelerate process standardization and promote system integration across borders. “By employing industry best practices, Africlear will facilitate improved levels of transparency and corporate governance within the African capital markets,” said Mr. Bukar of CSCS Nigeria. Mr. Bukar added, “This will enable local market practitioners to more effectively compete for domestic and international capital.”

By delivering shared economies of scale, Africlear will allow its members to offer a greater menu of services ranging from corporate actions processing to collateral management to clearing and settlement. “Africlear supports an open market place where scale and connectivity serve as the company’s competitive strengths,” said Mr. Anthony Fischli, Chairman of Altree Financial Group. Mr. Fischli added, “The AfDB investment in Africlear Global supports the improvement of securities market infrastructure through promotion of industry-leading technologies designed to enhance the underlying efficiency and overall functioning of the African capital markets.”

Hosted within the African Development Bank, FAPA is a multi-donor thematic trust fund that provides grant funding for capacity building, seed capital and advisory services to support implementation of the Bank’s Private Sector Development Strategy. The FAPA portfolio includes regional and national projects aimed at improving the business environment, strengthening financial systems, building private sector infrastructure, promotion of trade and development of micro, small and medium enterprises.

Central Depository and Settlement Corporation (CDSC) Kenya is approved by the Capital Markets Authority of Kenya and serves as the quality provider of clearing and settlement services to the Kenyan capital markets. Central Securities Clearing System (CSCS) Nigeria is licensed by the Securities and Exchange Commission of Nigeria and serves as the clearing and settlement house for the Nigerian capital markets and The Nigerian Stock Exchange. Altree Financial Group is an integrated financial services company licensed to conduct Investment Business by the Bermuda Monetary Authority.

For additional information on Africlear Global, please contact Damian Sassower via +27 11 243 9064 or email

  • South Africa +27 11 243 9064
  • USA +1 203 409 3953

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