Dakar, Jul 7 (APS) – The Association of West African Banks (WABA), which is at “a crucial turning point in its development”, “must establish and consolidate its governance in order to strengthen the confidence of its current and future members”, as well as that of its partners, advocated, Thursday, in Dakar, its president, Thierno Seydou Nourou Sy.
He recalled that “(…) its general objective is to represent and serve the banking and financial system of the zone and then to contribute to the achievement of the economic, monetary, banking and financial union of the ECOWAS countries”, the Economic Community of West African States.
Thierno Seydou Nourou Sy spoke on the occasion of the 76th ordinary meeting of the executive council and the 40th general assembly of ABAO, a body through which the Commission and the ECOWAS States deal with the banking and financial system of the area.
“The ABAO is at a crucial turning point in its evolution. It must therefore establish and consolidate its governance to strengthen the confidence of its current and future members, as well as that of its current and future partners”, he declared. .
This justifies, according to him, the need for “its strong involvement in major community projects, first and foremost the projects for a single currency and the ECOWAS payment and settlement system which, despite the many constraints and unforeseen events, are making great progress. not”.
As a professional organization, it has its own projects, including the West African Banking Institute, through the center for training, consultation and research in banking, finance and microfinance, which should also work harmonization of ECOWAS banking and financial rules and practices.
“To succeed in our mission, we have begun advocacy with the Heads of ECOWAS States, intended first to consolidate and increase our place in the functioning of the ECOWAS bodies, and then, to bring back the banks and establishments members of FAPBEF (African Federation of Banking and Financial Institutions Professionals) in ABAO”, explained Thierno Seydou Nourou Sy.
He pointed out that the association he heads has “undertaken major operations to supply and expand” its partnerships “by signing memorandums of understanding with major international organizations”.
“Other MoUs are being negotiated with other equally significant institutions,” he added.
He points out that “in order to involve all the organizations intervening in the banking and financial field of ECOWAS”, a vigorous policy of attracting new members has been “initiated, consisting in proposing full and complete membership within” the association.
To be significant, he said, “this development must necessarily go through the return to its ranks of all the commercial banks and financial establishments of the countries of the West African Economic and Monetary Union (UEMOA), which have no elsewhere never officially resigned”.
According to him, “ECOWAS itself is undergoing internal change and external growth by adopting many common texts, in particular the common external tariff (CET), the policy and the common code of investments, among other measures (…)” .
“All these movements portend a very strong development of the banking and financial sector of our economic zone (…)”, assured Thierno Seydou Nourou Sy.
He believes that “the ABAO, showcase of the economy and the banking and financial sector of ECOWAS, must accompany and help the smooth running of these movements”.
“Its role is also to lead collective discussions and manage the common files of the banking and financial profession in the sub-region”, he continued.
“This is why we plead for the constant mobilization of all our current and future members as well as for the strong support of the highest political, economic and monetary authorities of ECOWAS, so that our association finds its former glory and plays its role to the greatest benefit of our economies and populations”, he concluded.
