West African fintech ecosystem receives major boost
The West African Monetary Institute (WAMI) and EMTECH Solutions Inc. have unveilled a strategic partnership to modernise country-level and regional regulatory sandboxes, enabling the harmonisation of heterogeneous Fintech regulatory policies and frameworks across the West African Monetary Zone (WAMZ).
The collaboration aims at strengthening financial integration across the WAMZ member-states.
WAMI and EMTECH will establish a knowledge and collaboration programme called WAMZ RegEX, which focuses on showcasing regulatory innovation, sharing insights from global and regional regulatory sandbox benchmarking, onboarding a cohort of WAMZ regulatory sandboxes to conduct rapid pilots, and promoting value. Additionally, the partnership will involve publishing research and case studies, as well as capacity-building programmes and thought-leadership workshops.
Olorunsola E. Olowofeso, Director General of the West African Monetary Institute (WAMI), emphasised the partnership’s importance, saying: “Our collaboration with EMTECH marks a new chapter in our commitment to creating a unified financial landscape in the WAMZ, and signifies a critical step toward achieving a more integrated and technologically advanced financial ecosystem in West Africa. We look forward to the positive impact this partnership will have on our member-states and the broader West African region”.
Souleymane Tall, Director of Financial Integration at WAMI, highlighted the strategic value of this collaboration and stated that: “The partnership with EMTECH will align with our core mission to promote financial integration and regional economic development. By working together, we can unlock new opportunities, improve access to financial services, and contribute to overall growth and stability of the West African Monetary Zone”.
Olorunsola E. Olowofeso, Director General-West African Monetary Institute (WAMI), left, in a handshake with Carmelle Cadet, Founder and CEO-EMTECH Solutions, right, after the signing ceremony
Tunji Odumuboni, Executive Director-Africa at EMTECH, remarked: “We are excited and honoured to collaborate with WAMI on driving financial integration and economic development within the WAMZ”. EMTECH’s expertise in Central Bank Digital Currency (CBDC) and Digital Regulatory Sandbox technology will support WAMI and WAMZ member-states in fostering an environment conducive to financial innovation.
Carmelle Cadet, Founder and CEO-EMTECH added: “The collaboration between EMTECH and WAMI aligns with our mission of making financial markets inclusive and resilient for everyone, by modernising central banking infrastructure.
“We are eager to work with WAMI to deploy solutions addressing local and regional fintech innovation and regulatory frameworks in the West African Monetary Zone.” Cadet continued, “As many countries are developing fintech regulatory frameworks, a regulatory sandbox is a powerful tool to support safe innovations and capitalise on investment opportunities and economic growth.
“From the U.S. to Europe, regulators need novel new tools. By joining efforts with WAMI, we are committed to working closely with all 6 member-states and support them along this new journey of modern central banking in Africa. In EMTECH, they have a real partner for the long haul.”
West African Monetary Institute (WAMI)
The West African Monetary Institute (WAMI) is an organization established to undertake technical preparations for the establishment of a West African central bank and launching a single currency for the West African Monetary Zone (WAMZ).
The Institute’s overarching mission is to conduct preparatory activities for the launch of a monetary union: including research and publication, data collection and sharing, and the dissemination of information to facilitate trade integration, financial sector integration, payments system development, and statistical harmonisation.
EMTECH Solutions, Inc.
EMTECH is a modern central bank technology and services company offering an integrated SaaS platform with products such as the Digital Regulatory Sandbox and Central Bank Digital Currency (CBDC).
EMTECH’s innovative solutions empower central banks, financial institutions and regulators to navigate the rapidly evolving landscape of financial services innovation and regulation. EMTECH enables its partners to address local and regional challenges, foster financial inclusion, and drive sustainable economic growth by providing cutting-edge technology solutions and services.