Cardoso Calls For Regional Cooperation In West Africa’s Financial Sector...CONTINUE READING
In a compelling address at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions in Abuja, Central Bank of Nigeria Governor Olayemi Cardoso advocated for increased regional cooperation to bolster financial stability and foster economic growth across West Africa.
Gathering regulators, policymakers, and financial experts from the region, the event, hosted by the West African Monetary Institute, focused on critical issues within the non-bank financial sector. Governor Cardoso highlighted the imperative of collaborative efforts among member states, emphasizing that unity is paramount in achieving shared economic goals.
Quoting an African proverb to underscore his point, Cardoso lauded the College of Supervisors for its role in advancing regulatory frameworks. He particularly commended the adoption of the Model Act for Non-Bank Financial Institutions and Non-Bank Financial Holding Companies across the West African Monetary Zone, a landmark decision aimed at harmonizing supervisory practices and fortifying the sector’s resilience.
Addressing contemporary challenges, Governor Cardoso acknowledged the transformative impact of fintech innovations on financial intermediation, cautioning against associated cybersecurity risks. He urged supervisors to adopt robust frameworks and risk-based approaches to ensure financial stability amidst evolving digital landscapes.
Furthermore, the Governor stressed the College’s commitment to climate risk regulation, recognizing the sector’s susceptibility to environmental shifts and advocating for regulatory measures aligned with global standards.
Encouraging delegates to leverage the platform for knowledge exchange, Cardoso underscored the importance of shared learning in navigating West Africa’s evolving financial terrain. Chairman Yaw Sapong echoed these sentiments, highlighting the College’s achievements in regulatory harmonization and the automation of supervisory processes, essential for promoting financial inclusion and sustainable economic growth.
Dr. Olorunsola Olowofeso, Director General of WAMI, emphasized the ongoing need for sector resilience amid emerging risks such as climate-related challenges and cybersecurity threats. He reaffirmed WAMI’s dedication to advancing the West African Monetary Zone integration agenda, emphasizing the importance of policy vigilance to safeguard financial stability.
The CSNBFI meeting concluded with a commitment to review progress and devise strategies to address prevailing challenges, including regulatory harmonization and the transformative impacts of digital innovations on financial services.