By Olimatou Coker
The West African Monetary Institute (WAMI) has ended its 8th meeting of college of supervisors for non-banking financial institutions (CSNBFI) in Banjul.
The 5-day meeting held at Bakadaji hotel provide members with the opportunity to discuss activities of CSNBFI and review developments in the non-banking financial institutions sub-sector in the zone for the second half of 2022. The discussions include developments in the regulatory and supervisory process of member states, anti-money laundering and combating terrorism financing, and other relevant financial stability concerns of the sub- region in line with the mandate of the college.
The forum also discussed and developed appropriate content for CSNBFI activities as per its charter.
Siaka Bah, chairman of CSNBFI and director of financial institutions department at the central bank of the Gambia, said the meeting marks the first in-person college meeting in Banjul.
“We are grateful to have the opportunity to extend our hospitality to our esteemed colleagues from sister central banks. We look forward to the discussion of pertinent issues geared towards strengthening our regulatory and supervisory oversight of the non-banking financial sector,” he said.
He said the meeting as well as previous meetings demonstrate the unwavering commitment of WAMI and the college members to promote the growth and stability of the non-banking financial sector across the WAMZ.
“It is important to further highlight that the CSNBFI has been very instrumental in serving as a platform for us to share developments in our respective capacity building in our sub-region. The importance of harmonisation is more relevant than ever as financial institutions within the WAMZ are getting more and more sophisticated and, as a result, their operations are transcending borders. In this regard, it is vital for college members to collaborate in areas of joint supervision with a view to ensure the stability of the non-bank financial sector as well as mitigating the crystallisation of systemic risks,” he said.
In a statement read on behalf of the director general of WAMI, Amadou Kora said the critical roles the colleges play in the Subregion cannot be overemphasised.
“It is very critical because if you look at the nature of our economy it is predominantly small-scale SMEs, which are the main attention of these non-banking financial institutions and banks or mega banks may not be able to follow each and every customer in this region to satisfy their financial needs,” he said.
He said microfinance has a very critical role to play in the financial. He said WAMI will priorities capacity building of institutions to ensure the regulators who are to ensure that there is fairness have the required capacity to do so.
“I encourage all you to continue collaborating and cooperating with one another. In this digital age, communication is easy. You don’t need to get around having meetings,” he said.
In a speech read on his behalf, the governor of the central bank, Buah Saidy said: “Regional financial integration represents one of our core objectives to accelerate intra-regional trade in the West African Monetary Zone and to boost economic growth. The activities of the CSNBFI are therefore paramount in the realisation of our integration efforts as well as achieving financial sector deepening in the WAMZ.”
“A strong and vibrant non-banking financial sector can serve as a catalyst for growth by complementing the banking sector in providing financial access to critical areas of our economies,” he said.
Governor Saidy said the meeting gives participants a platform as regulators to exchange knowledge, share experiences.
