Jacqueline ADIABA-NKEMBE: The Iron Lady at the Heart of the CEMAC Financial Market

The ascent of Jacqueline ADIABA-NKEMBE to the helm of the Central African Financial Markets Supervisory Commission (COSUMAF) marks a historic milestone, both for regional financial regulation and for the representation of women in the high spheres of the Economic and Monetary Community of Central Africa (CEMAC). Appointed by the Conference of Heads of State of the CEMAC on March 17, 2023, she became the very first woman to chair this key institution since its creation in 2001. Her career, spanning over thirty years of experience in the banking and financial sector, demonstrates recognized expertise and unwavering determination, essential for boosting and securing a regional financial market currently undergoing consolidation.

A Trajectory of Excellence and Expertise

Born in 1967, Jacqueline ADIABA-NKEMBE is a Cameroonian national. Her academic background laid the solid foundations for her career in the financial sector. She is a graduate of the prestigious Université Paris-I-Panthéon-Sorbonne, where she earned a Diplôme d’Études Approfondies (DEA) in Money, Banking, and Finance, as well as a Master’s degree in International Economics. This academic foundation, combined with an exemplary professional career, prepared her for the regulatory and supervisory roles she holds today.

From Banking to Market Regulator

Jacqueline ADIABA-NKEMBE’s career is a model of progression in the financial field:

• Société Générale Cameroun (SGC): She began her journey in the banking sector, where she notably served as the Director of Large Corporations and Institutions. This experience allowed her to acquire in-depth knowledge of the financing needs of major economic players and the workings of corporate finance.
• Douala Stock Exchange (DSX): In 2006, she made a strategic transition to the capital market by joining the Douala Stock Exchange (DSX). There, she held the position of Director of Market, Actors, and Information Systems, playing an active role in the animation and modernization of the Cameroonian stock market.
• Integration and Merger: Her technical expertise and operational experience were crucial during the process of unifying the two financial markets in the region (the Central African Securities Exchange – BVMAC, based in Libreville, and the DSX in Douala). This process, initiated by the CEMAC Conference of Heads of State, aimed to create a single, more liquid, and more attractive regional financial market.
• COSUMAF: Following the effective merger in 2019, Jacqueline ADIABA-NKEMBE joined COSUMAF, the single, central supervisory body of the CEMAC. She held the strategic role of Chief of Staff before her appointment to the presidency in 2023.

COSUMAF: Mission and Regional Challenges

The Central African Financial Markets Supervisory Commission (COSUMAF) is the specialized institution of the Central African Monetary Union (UMAC) that ensures the regulation, control, and supervision of the CEMAC financial market. This market concerns all products and transactions of non-bank financial services involving a public offering of savings in the six member countries: Cameroon, the Republic of Congo, Gabon, Equatorial Guinea, the Central African Republic (CAR), and Chad.

COSUMAF’s Fundamental Missions

COSUMAF’s action is guided by three main pillars:

Proper Functioning of the Market: It ensures that the regional financial market operates in an orderly, liquid, and efficient manner.

Protection of Savings: It ensures the protection of savings invested in securities and other financial instruments, guaranteeing investor security.

Investor Information: It guarantees the transparency and quality of information made available to the public and economic operators.

Challenges of the ADIABA-NKEMBE Presidency

Madame ADIABA-NKEMBE’s appointment comes at a crucial moment for the CEMAC financial market. Although the mission of unification was largely accomplished by her predecessor, Nagoum Yamassoum from Chad, the main challenge is now to concretely energize and modernize this unique space.

The priority areas of her five-year mandate (2023–2028) include:

Combating Cybercrime and Money Laundering: Strengthening the mechanism for combating money laundering and the financing of terrorism is a priority, to ensure the market’s international credibility.

Finalizing Post-Merger Regulations: The drafting and adoption of new regulations and operational instruments, such as the COSUMAF General Regulation of May 2023, are essential for harmonizing practices after the merger and providing a modern legal framework.

Boosting Initial Public Offerings (IPOs): A major challenge is to persuade and support states and their public enterprises in listing their holdings on the stock exchange. This process is vital for increasing the market capitalization of the BVMAC (Central African Securities Exchange) and offering more investment opportunities.

Technological Modernization: Accelerating the modernization of COSUMAF’s working infrastructure, including interconnection with the Central Bank (BEAC) for smooth and secure market operations.

A Symbol of Female Leadership

Jacqueline ADIABA-NKEMBE’s appointment holds significant symbolic value. As the first woman to hold this position since COSUMAF’s creation, she embodies a significant step forward for gender parity and female leadership in a sector traditionally dominated by men in Central Africa.

Her leadership is seen as a promise of rigor, dynamism, and efficiency, qualities attributed to her throughout her career. In a message addressed to market players, she reaffirmed that her actions would follow the guideline of investor protection, the cornerstone of confidence and development in any capital market.

Future Prospects for CEMAC

Under her presidency, COSUMAF’s ambition is clear: to make the CEMAC financial market a genuine financing lever for the sub-region’s economies, which are often overly dependent on banking channels or external financing.

Drawing on her past experience, particularly her active role in the merger, Madame ADIABA-NKEMBE is well-positioned to meet the complex challenges of the market. Her mandate is part of the continuity of regional integration efforts and should focus on improving the liquidity, transparency, and attractiveness of the market, so that it can fully play its role in mobilizing local savings for the economic development of the six member states.

The success of her actions will be measured not only by the number of listed companies and the volume of transactions but also by the confidence that investors, both regional and international, will place in the Central African financial market under her supervision. Her journey is a source of inspiration and a testament to the growing role of women in the economic and financial transformation of the continent.