WABA to Host 78th Executive Council Meeting and 42nd General Assembly in Freetown, August 2024

The West African Bankers Association (WABA) is set to hold its 78th Executive Council Meeting and 42nd General Assembly from August 8-9, 2024, in Freetown, hosted by the Sierra Leone Association of Commercial Banks (SLACB). This significant event will take place at the Freetown International Conference Hall and will feature a series of engaging panel discussions focused on crucial banking topics, including IFRS 9 for Directors, the Cross-Border Settlement System, and Debt Management and Recovery.

Key Speakers and Panelists

The assembly will bring together prominent figures from the financial sector, including:

Sheku Ahmed Fantamadi – Minister of Finance, who will provide insights on fiscal policies and their implications for the banking sector.
Dr. Ibrahim Stevens – Governor of the Bank of Sierra Leone, who will discuss regulatory frameworks and the central bank’s role in economic stability.
Dr. Guy Laurent Fondjo – President of WABA, who will outline the association’s strategic goals and objectives.
Dr. Walton Ekundayo Gilpin – President of SLACB, who will address local banking initiatives and partnerships.

The program will also include detailed reports on WABA’s financial accounting, annual audit reports, annual subscriptions, and the day-to-day operations of the Secretariat during the General Assembly.

Commitment to Regional Integration

As WABA continues to play a crucial role in the economic and financial integration of the ECOWAS region, it remains steadfast in its mission to strengthen financial institutions and promote regional cooperation for sustainable development. Secretary General Alhajie Geng expressed enthusiasm for the commitments received from the Central Bank of Sierra Leone and the Sierra Leone Association of Commercial Banks in hosting this year’s assembly.

Historical Context and Objectives

Established in 1975, WABA has been instrumental in working towards creating an Economic and Monetary Union among its member countries. This goal aligns with the establishment of the West African Monetary Agency (WAMA), which facilitates trade through a payment mechanism for clearing and settling intra-regional transactions while encouraging the use of national currencies.

WABA’s membership includes primary banks, development banks, credit institutions, and banking bodies in the West African sub-region. The association has significantly supported and promoted the West African Clearing House (WACH), which enhances intra-regional trade.

Vision and Values

WABA’s mission encompasses:

Representing the banking and financial sector to various entities involved in the regional integration project.
Promoting professional practices that meet international standards.
Facilitating the development and coordination of cross-border banking and financial transactions to foster intra-regional trade, economic and monetary integration, and overall development.

WABA’s vision for 2030 is to be recognized as the Regional Banking Association with the most substantial impact in Africa. The association upholds core values such as solidarity, openness, accessibility, and scalability, striving to become a benchmark for the economy, banking, and financial sectors within ECOWAS.

Involvement in Key Projects

As an active participant in the ECOWAS Private Sector Group, WABA is involved in critical projects such as the creation of a single currency, the ECOWAS Regional Payments System, and the development of a centralized credit risk database. These initiatives are vital for promoting seamless financial transactions and enhancing regional stability.

In addition to its involvement in the private sector group, WABA also engages in various professional activities, including:

Establishing and maintaining relationships with regional or interregional organizations that share similar objectives.
Promoting good corporate governance practices within banks and financial institutions across West Africa.
Organizing forums, training seminars, and conferences to build capacity in economic, monetary, banking, and financial sectors.

The Dual Role of WABA

With its dual role as both a professional and political organization, WABA aims to safeguard the interests of its members while serving as a communication channel between the Commission, ECOWAS States, and the Banking and Financial System. Specific objectives include:

Strengthening cooperation among ECOWAS banks.
Harmonizing professional rules and practices within the banking sector.
Addressing common challenges affecting the region’s banking industry.

Future Impact

WABA’s renewed focus is poised to significantly impact the banking and financial landscape within the ECOWAS region, fostering increased cooperation, standardization, and growth. As the association continues to pursue these objectives, it is well-positioned to shape the future of the banking and financial sector in West Africa, contributing to a more integrated and resilient economic environment.

With the upcoming assembly, WABA aims not only to strengthen ties among its members but also to address the evolving challenges within the banking sector, ultimately leading to a more sustainable and prosperous financial future for the entire region.