Governor Cardoso Emphasizes Unity for Economic Growth in West Africa
Olayemi Cardoso, the Governor of the Central Bank of Nigeria has called for enhanced regional collaboration to bolster financial stability and foster economic growth across West Africa during the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions in Abuja, hosted by the West African Monetary Institute.
Cardoso, emphasized the critical role of cooperation among member states within the West African Monetary Zone as he underscored the proverbial wisdom of unity in achieving common goals, stressing the imperative for collaborative efforts amidst the region’s financial landscape while he praised the College of Supervisors for its strides in advancing regulatory frameworks, particularly the recent adoption of the Model Act for Non-Bank Financial Institutions and Non-Bank Financial Holding Companies across the West African Monetary Zone (WAMZ) in March 2024.
Moreover, Cardoso highlighted the College’s focus addressed the transformative impact of fintech innovations on financial intermediation, highlighting the need for robust cybersecurity measures and risk-based supervisory approaches to mitigate associated risks.
Furthermore, Yaw Sapong, Chairman of the College, echoed these sentiments, emphasizing the pivotal role of non-bank financial institutions in driving financial inclusion and economic progress. He underscored the College’s achievements in harmonizing regulatory frameworks and enhancing supervisory capabilities, while advocating for coordinated policy responses to current economic challenges such as inflation and currency fluctuations.
