By Ragan M. Conteh
A five-day regional conference on Financial Market Infrastructure (FMI) and Payment Systems is ongoing at the Brookfields Hotel in Freetown.
The conference, organised by the West African Institute for Financial and Economic Management (WAIFEM) and hosted by the Bank of Sierra Leone (BSL), commenced on Monday 14th August 2023 and will end on Friday 18th August 2023.
The conference attracted participants from the Central Banks of Nigeria, Ghana, The Gambia and Sierra Leone respectively.
Giving his welcome address on behalf of Director-General WAIFEM, the Director of Financial Sector & Payment Systems, Mr Amadou Kora, informed participants that, the objective of the course is to give a comprehensive understanding of the critical components that underpin the functioning of modern financial systems.
According to Mr Kora, the training course will also provide participants with an understanding of the intricacies, challenges and opportunities associated with these critical components of the financial market infrastructure and payment.
‘Although the financial systems have progressed over the past twenty years, the landscape of financial market infrastructure and payment systems in West Africa is becoming more integrated, with deliberate and concentrated effort towards the modernisation of various payment infrastructures,’ he said.
Mr Amadou Kora informed participants that, the integration of national payments infrastructure into regional payments is setting the foundation for continental-wide payment integration.
He also recognised the existing challenges, and the need to increase capacity to address those challenges. He pointed out that WAIFEM designed the course to equip participants with the knowledge and skills needed to navigate the complex world of financial market infrastructure and payment systems.
In his keynote address, the Acting Governor of BSL, the Deputy Governor, Financial Stability, Mr. Sheikh Alhaji Yayah Sesay, on behalf of his boss, said the course presents a significant opportunity to delve into critical aspect of Financial Market Infrastructure (FMI) and Payment Systems that underpin the functioning of the West African regional economy.
Governor Sesay stressed that the FMI and payment systems play crucial roles in the functioning of a country’s financial systems. The Deputy Governor entreated all participants to actively engage and participate in the discussions throughout the course.
He expressed confidence that the outcome of the course would contribute significantly to enhance the efficiency, stability and inclusiveness of their financial systems.
‘Together, we can foster financial market infrastructures that will support sustainable economic growth, enable financial inclusion and ultimately improve the lives of individuals and communities around the world,’ Governor Sesay said.