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The West African Monetary Institute (WAMI) and EMTECH Solutions Inc. have struck 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.
Under the agreement, the two institutions 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), in a statement, emphasied the importance of the partnership, 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 towards 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 the collaboration and stated that “the partnership with EMTECH would align with our core mission to promote financial integration and regional economic development. By working together, we could unlock new opportunities, improve access to financial services, and contribute to the overall growth and stability of the West African Monetary Zone”.
Tunji Odumuboni, Executive Director, Africa at EMTECH, remarked, “We are excited and honoured to collaborate with WAMI to drive 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 for financial innovation.
Carmelle Cadet, Founder and CEO of 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”.
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