MFW4A and Partners Strengthen Capacity of WAEMU DFS Supervisors

16.04.2018 - 19.04.2018, Abidjan, Côte d'Ivoire

MFW4A and GIZ, CGAP and the Toronto Centre, organized a workshop on Digital Financial Services (DFS) Supervision for the West African Economic and Monetary Union (WAEMU). The workshop took place at the Banking Commission in Abidjan, Côte d’Ivoire from 16 - 19 April 2018.

Balancing the imperative to expand financial inclusion whilst maintaining public trust, system stability and integrity is a key challenge for African regulators and supervisors. Some of the more radical changes in DFS today are taking place in Africa, where new products and delivery methods are reaching the financially excluded and the underserved. According to the 2017 Global Findex Database, no region has seen DFS contribute more to financial inclusion in the last few years than Sub-Saharan Africa.

Using a mix of theoretical presentations and case studies from the region and beyond, participants discussed key concepts, best practices and challenges for effective DFS regulation and supervision. Discussions on some of the most pressing issues in the WAEMU region including:

  • Developing and implementing a regulatory and supervisory system that protects costumers from DFS;
  • Protecting and supervising consumer e-money deposits and trust;
  • Supervising bank and non-bank agent networks, and
  • Cooperation with an increasing number of stakeholder groups

The training was attended by supervisors and regulators from the WAEMU Banking Commission and the Central Bank and gave rise to rich exchanges on the various emerging issues in DFS. The training was just part of MFW4A’s DFS Capacity Building and Peer Learning Program to better position regulatory authorities to address the fast changing world of digital finance.