Payment SystemsThe Payment System Project in the West African Monetary Zone (WAMZ)
Abstracts and Full Document
The proposed Payment Systems Development Project is an important regional financial infrastructural requirement for actualizing the WAMZ. By assisting the upgrade of the payment systems in The Gambia, Guinea and Sierra Leone to the same level as those in Ghana and Nigeria, it would facilitate the harmonization of the payment systems in all the five of the six member countries of WAMZ. The availability of RTGS and the other elements of a modern payment system in all the countries would greatly enhance the efficiency of cross border funds transfers and facilitate the conduct of regional monetary policy across the Zone
sources: http://www.afdb.org/pls/portal/url/ITEM/51BFE66444B42CAAE040C00A0C3D15A5
OFFICIAL VISIT OF THE DIRECTOR-GENERAL TO THE
AFRICAN DEVELOPMENT BANKAUGUST 4 - 6, 2008
The Director-General, Dr. Temitope Oshikoya, paid an official visit to the African Development Bank (AfDB) from August 4 to 6, 2008. He was accompanied by the Chief, Payments System Division of Operations Department, West African Monetary Institute (WAMI), Mr. Twum Ohene-Obeng. The primary purpose of the visit was to sign the Protocol Agreement for the Payments System Development Project (the Project) in three of the WAMZ Member States namely, The Gambia, Guinea and Sierra Leone.
The African Development Fund (ADF) has approved a Grant of UA14 million (US$23 million) for the development of Payments System in the three WAMZ Member States. WAMI, by the approval of the Convergence Council, brokered the Grant Agreement with the AfDB. The highpoint of the collaboration between WAMI and AfDB in relation to the Payments West African Monetary Zone (WAMZ) Payments System Development Project was the formal signature of the Protocol of Agreement which took place at the AfDB Headquarters in Tunis, Tunisia, on August 4, 2008.