WABA hosts landmark General Assembly Meeting in Gambia

The august meeting, held on Thursday 6 July 2023 at the International Conference Centre in Bijilo, under the purview of the Gambia Bankers Association, brought together stakeholders in the banking sector, Government officials and members of other financial institutions in The Gambia and the sub-region.

WABA was established on 10 August 1981 based on the recommendations and under the auspices of the Committee of Governors of Central Banks of ECOWAS as a regional association including all primary banks, development banks, credit institutions and banking professional bodies existing in West Africa. 

The Association was established to provide support and promote the West African Clearing House.

Speaking at the ceremony, the Executive Secretary of the Gambia Bankers’ Association, Alhagie Jeng, stated that the economy of The Gambia had registered some growth movement, particularly the financial sector, which had witnessed a sharp increase in the number of banks, microfinance institutions and foreign exchange bureaux.

These developments, he said, took place because the liberal economic policies of the Gambia government were underpinned by a favourable, legal and institutional framework.

“In this regard, the Government of The Gambia and in particular the Central Bank of The Gambia deserves special commendation,” he stated.

Mr Jeng said further that the Institute of Bankers of The Gambia serves as a Local Centre for the conduct of Chartered Institute of Bankers of Nigeria (CIBN) examinations in The Gambia.

“It provides suitable and secure environment for the administration of CIBN examination in The Gambia,” he added.

The President of the West African Bankers Association, Dr Guy Laurent FONDJO, said the setting up of the ECOWAS Payment and Settlement System (EPSS) is an important item under ECOWAS.

He added that the Currency Roadmap and commercial banks are critical stakeholders in payment and settlement system implementation.

“This underscores the ongoing collaboration among regional sister institutions towards achieving a common objective,” he said. “Furthermore, WABA is also working actively to build the capacity of the ECOWAS Banking and the overall Financial System, which is currently undergoing rapid change and is thus committed to the creation of a Regional Training Center in Banking, Finance and Microfinance to be located in Abuja, Nigeria.”

He also mentioned that the collaboration with WAIFEM, a key institution in capacity building, is a step in the desired direction to help execute their mandate.

Mr Fondjo further called on the Minister and Governor of the central bank to assist WABA to expand its membership base as well as to encourage timely payment of contributions by commercial banks in the country through the support of the Central Bank of The Gambia (CBG) as and when necessary.

CBG Governor Buah Saidy, in his statement, said that unlocking the potential for African trade “requires supporting trade finance activities” to enable the efficient flow of transactions across borders.

“Financial institutions have a key role to play in shaping the framework to facilitate financing within the region, hence creating shared benefits for members,” he said, adding: “The integration of the region's payment infrastructure has become ever more relevant today and banks have been leading the way with significant progress on several fronts.”