By: Ismail Manjang
The Central Bank of the Gambia on Monday commenced the 8th meeting of the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) of the West African Monetary Zone (WAMZ).
The weeklong event held at Bakadaji Hotel, Kotu brought together delegates from different West African Countries.
In his remarks, Saika Bah, Chairman of CSNBFI and Director of other Financial Institutions Department Central said the meeting marked the first in-person college meeting in The Gambia, and they are obliged to have the opportunity to extend their hospitality to their esteemed colleagues from sister Central Bank.
“We look forward to the discussion of pertinent issues geared towards strengthening our regulatory and supervisory oversight of the non-bank financial sector,” he expressed.
The 8th college meeting, he said, demonstrated the unwavering commitment of WAMI and the college members to promote the growth and stability of the non-bank financial sector across the WAMZ.
“It is important to further highlight that the CSNBFI has been very instrumental in serving as a platform for us to share developments in our respective jurisdictions to facilitate the harmonization of regulatory and supervisory policies,” the chairman stated.
However, he added that over the years, their deliberations from the various college meetings have served as an oasis of Knowledge, where member countries share their experiences, and learn from the developments and experiences of other jurisdictions.
The director of Microfinance noted that the importance of harmonization is more relevant than ever as financial institutions within the WAMZ are getting more and more sophisticated and, as a result, their operations are transcending borders.
Dr. Olorunsola E. Olowofeso, Director General of WAMI, added that the meeting will provide them the opportunity to discuss activities of CSNBFI and to review recent developments in the non-bank financial institutions sub-sector in the zone and assess the regulatory and supervisory challenges.
“WAMI remains committed to supporting a sound and stable financial system and will continue to support the activities of the college to create the appropriate regulatory environment conducive to the harmonization of supervisory framework and information sharing.
Meanwhile, he said WAMI in collaboration with CSWAMZ established the expert committee on the harmonization of measurements of regulatory and prudential ratios of the WAMZ, which developed the Harmonized framework of Prudential and Regulatory Ratios in the banking sector of the WAMZ.