Making Finance Work for Africa Committed to Transforming the Partnership

Dec 15, 2015

Making Finance Work for Africa Holds First Joint Meeting of the Advisory Council and Supervisory Committee

Abidjan, Côte d’Ivoire – Leaders of Africa’s financial sector met at the Making Finance Work for Africa (MFW4A) Annual Advisory Council (AC)[1] and Supervisory Committee (SC)[2]
meetings held at the African Development Bank headquarters in Abidjan, Côte d’Ivoire, from 7-8 December, 2015. The meetings focussed on the transformation of MFW4A from a Partnership of donors to a Partnership between donors and African financial sector stakeholders. “This is the first time that our Advisory Council and the Supervisory Committee have had the opportunity to come together,” says David Ashiagbor, MFW4A Partnership Coordinator, adding “the meetings will serve as a catalyst to opening up the Partnership and engaging with the African financial sector as full partners”. “The AC is fully committed to playing an active role in supporting the Partnership and ensuring its long-term sustainability,” added Dr. Caleb Fundanga, CEO of MEFMI and former Governor of the Central Bank of Zambia. The SC approved the MFW4A 2016 work plan and budget. In addition to launching new knowledge products, the Secretariat will focus mainly on Digital, Agricultural, SME and Long-Term Finance. MFW4A will also strengthen the Community of African Banking Supervisors and its relationship with the AACB. The SC agreed to explore options to institutionalise the Partnership, including opening up to the private sector, with the objective of ensuring long term sustainability. An independent consultant will be engaged to assist with this process, with a final decision on the new structure expected to be taken in mid-2016. Ms Christiane Danne of GIZ, outgoing Chair of the SC said “The distinguished leaders who comprise our Advisory Council share the same vision as the SC and we are proud that they have all agreed to share their time and energy to collaborate with us on this endeavour”. Mr Stefan Nalletamby, Director Financial Sector Development Department, AfDB, incoming Chair of the SC, expressed AfDB's continued commitment to working to institutionalize and expand the Partnership.

[1] The AC is a governance body of the MFW4A Secretariat. It is composed of High Level African Financial Sector Experts. It provides strategic guidance to the Partnership. [2] The SC is a governance body of the MFW4A Secretariat. It is composed of representative from development partner institutions. It is responsible for strategic decision and approval of the annual work plan and budget.