[ad_1]
The Governor of the Central Financial institution of Nigeria, Olayemi Cardoso has referred to as for extra regional collaboration to strengthen monetary stability and development within the West African area.
The governor made the decision on the tenth assembly of the Faculty of Supervisors for Non-Financial institution Monetary Establishments Abuja on Monday.
The occasion, hosted by the West African Financial Institute, gathered regulators, policymakers, and monetary specialists from throughout the area to debate crucial points going through the non-bank monetary sector in West Africa.
In his deal with, Cardoso underscored the significance of regional collaboration in strengthening monetary stability and selling financial development throughout the West African Financial Zone.
“Now, greater than ever, the necessity for collaboration and cooperation amongst Member States can’t be overemphasized,” he emphasised, quoting an African proverb to focus on the importance of unity in attaining frequent targets.
The Governor recommended the efforts of the CSNBFI in advancing regulatory frameworks, notably mentioning the latest adoption of the Mannequin Act for Non-Financial institution Monetary Establishments and Non-Financial institution Monetary Holding Firms throughout the WAMZ.
This legislative milestone, accredited in March 2024, marks a pivotal step in direction of harmonising supervisory practices and enhancing the resilience of the monetary sector.
Highlighting rising traits, the apex financial institution’s governor addressed the rising function of fintech improvements and their implications for monetary stability.
“Fintech loans and digital platforms are reshaping monetary intermediation,” he remarked, urging supervisors to bolster their cybersecurity frameworks and undertake risk-based supervisory approaches to mitigate related dangers.
The Governor additionally emphasised the Faculty’s deal with local weather threat regulation, acknowledging the sector’s vulnerability to environmental shifts and the necessity for tailor-made regulatory responses aligned with international requirements.
Cardoso urged delegates to leverage the platform for information trade and collaboration, emphasizing the significance of studying from one another’s experiences in navigating the evolving monetary panorama of West Africa.
Chairman of the Faculty, Mr. Yaw Sapong, welcomed delegates and acknowledged the essential function non-bank monetary establishments play in selling monetary inclusion and financial development.
Sapong highlighted achievements made by the Faculty, together with harmonized regulatory frameworks, automation of supervisory processes, and strengthened AML/CFT regimes.
He emphasised the necessity for coordinated coverage responses to deal with present financial challenges, together with inflation and foreign money fluctuations.
“We should proceed to work collectively to construct a resilient and inclusive monetary sector that helps sustainable financial development in our area,” Sapong urged.
The Director Common of WAMI, Dr. Olorunsola Olowofeso emphasised the necessity for strengthened resilience within the monetary sector, citing rising dangers comparable to climate-related dangers, cyber threats, and digitization challenges.
“We should proceed to watch coverage actions and spillovers to make sure the monetary system is resilient,” he urged.
“WAMI stays dedicated to implementing the WAMZ integration agenda,” he mentioned.
The CSNBFI assembly goals to assessment progress made within the NBFI sector since late 2023 and formulate methods to deal with present challenges. Discussions will embody regulatory harmonisation, cybersecurity, and the influence of digital improvements on monetary companies.
[ad_2]
Source link
