As a member of the ECOWAS Private Sector Group, WABA is involved in initiatives like the creation of a single currency, the ECOWAS Regional Payments System, and the centralised credit risk database, all aimed at fostering economic and monetary integration.
The West African Bankers Association (WABA), an association of all the commercial and specialised banks and other credit institutions in the sub-region and one of the organs of the ECOWAS Commission, is set to convene its 78th Executive Council Meeting and 42nd General Assembly in Freetown, Sierra Leone, from August 8-9, 2024.
The event, hosted by the Sierra Leone Association of Commercial Banks (SLACB), will take place at the Freetown International Conference Hall.
Key speakers at the event will include the Minister of Finance, Sheku Ahmed Fantamadi, the Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, President of WABA, Dr. Guy Laurent Fondjo, and President of SLACB and Managing Director of Rokel Commercial Bank, Dr. Walton Ekundayo Gilpin. Their addresses will set the tone for discussions on significant financial topics such as IFRS 9 for Directors, Cross-Border Settlement Systems, and Debt Management and Recovery.
The two-day programme will also feature the presentation of WABA’s financial accounting, annual audit reports, annual subscriptions, and updates on the day-to-day operations of the Secretariat. These discussions during the 42nd General Assembly aim to provide transparency and accountability while aligning with WABA’s mission to strengthen financial institutions and promote regional cooperation for sustainable development.
“We are delighted with the commitments we have received from the Central Bank of Sierra Leone and the Sierra Leone Association of Commercial Banks in hosting this year’s assembly in Sierra Leone,” stated Alhajie Jeng, Secretary General of WABA. The association, established in 1975, continues to play a pivotal role in the economic and financial integration of the ECOWAS region, working towards creating an Economic and Monetary Union among member countries.
WABA’s role in supporting the West African Clearing House has been crucial in enhancing intra-regional trade by providing a payment mechanism for clearing and settling transactions and encouraging the use of national currencies. As an independently funded organization, WABA comprises primary banks, development banks, credit institutions, and other banking bodies in the West African sub-region, promoting professional practices of international standards.
WABA’s vision for 2030 is to be recognised as the Regional Banking Association with the most impact in Africa, upholding values such as solidarity, openness, accessibility, and sociability. As a member of the ECOWAS Private Sector Group, WABA is involved in initiatives like the creation of a single currency, the ECOWAS Regional Payments System, and the centralised credit risk database, all aimed at fostering economic and monetary integration.
The association also focuses on promoting good corporate governance practices and building capacities in the economic, monetary, banking, and financial sectors through forums, training seminars, and conferences. By maintaining good relations with regional organizations and representing the banking and financial sector to entities involved in regional integration, WABA ensures that the interests and viewpoints of its members are safeguarded.
The upcoming assembly in Freetown marks a significant step in WABA’s ongoing efforts to foster financial stability and economic growth across the ECOWAS region, underscoring the association’s commitment to its mission and vision for the future.
