The West African Monetary Institute (WAMI) and EMTECH Solutions Inc. have announced a strategic collaboration to modernize country-level and regional regulatory sandboxes, allowing for the harmonization of heterogeneous Fintech regulatory policies and frameworks across the West African Monetary Zone (WAMZ).
The collaboration aims to improve financial integration among WAMZ member countries.
According to WAMI and EMTECH, there will be an establishment of 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, they disclosed that the partnership will involve publishing research and case studies, as well as capacity-building programmes and thought-leadership workshops.
The West African Monetary Institute’s (WAMI) Director General, Olorunsola E. Olowofeso, emphasized the value of the relationship, 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.”
According to Souleymane Tall, Director of Financial Integration at WAMI, the core mission is promote financial integration.
“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.”
Souleymane Tall
Tunji Odumuboni, EMTECH’s Executive Director-Africa, stated that EMTECH’s expertise in Central Bank Digital Currency (CBDC) and Digital Regulatory Sandbox technologies will assist WAMI and WAMZ member-states in establishing a financial innovation-friendly environment.
“We are excited and honoured to collaborate with WAMI on driving financial integration and economic development within the WAMZ.”
EMTECH Sets To Achieve Its Mission Of Making Financial Services To All
Souleymane Tall
According to the Founder and CEO-EMTECH, Carmelle Cadet, the collaboration between EMTECH and WAMI aligns with the organization’s mission of making financial markets inclusive and resilient for everyone, by modernizing 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. As many countries are developing fintech regulatory frameworks, a regulatory sandbox is a powerful tool to support safe innovations and capitalize 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.”
Carmelle Cadet
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), whereas 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).
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