Harmonised payment systems boost growth in West Africa, says CBG Deputy Governor

Nov 18, 2013

Harmonised payments systems in the West African Monetary Zone (WAMZ) spur investment, trade and economic growth, according to the Deputy Governor of the Central Bank of The Gambia (CBG) Oumie Savage-Samba.

Harmonised payments systems in the West African Monetary Zone (WAMZ) spur investment, trade and economic growth,
according to
the Deputy Governor of the Central Bank of The Gambia (CBG) Oumie Savage-Samba.

She made this statement on Wednesday (13 November) at a regional business forum held in Banjul organised for central and commercial banks in the WAMZ region and bringing together policymakers, regulators and senior bankers under the theme 'Unleashing growth through regional harmonisation'.

"The WAMZ Payment System Development Project is a shining example of a successful regional undertaking which is critical to the establishment of a durable monetary union and the development of the financial sector," she said, quoted by newspaper The Point.

"Additionally, the zonal Real Time Gross Settlement, once seamlessly interfaced with SWIFT, would ensure safe transfer of funds among WAMZ member countries."

Despite the current crisis, she stated, the European single currency is by "no means a disaster as some may want to believe", and has "met its main goal of price stability".

She concluded by saying that modernised financial services within the West African sub-region must be supported by a robust regulatory framework, if the full benefits of such systems are to be realised.ADNFCR-2976-ID-801661502-ADNFCR