By Yusufu Sesay

The Bank of Sierra Leone (BSL) is currently hosting Representatives of the Central Banks of the Federal Republic of Nigeria, Ghana, The Gambia and Sierra Leone on a regional course on Financial Market Infrastructure and Payment Systems organized by West African Institute for Financial and Economic Management (WAIFEM).

The regional course commenced on Monday 14 August at the Brookfields Hotel in Freetown and will end on Friday 18 August, 2023.

Giving the welcome address on behalf of Director-General WAIFEM, The Director, Financial Sector and Payment Systems, WAIFEM, Mr Amadou Kora, said the objective of the course is to give participants a comprehensive understanding of the critical components that underpin the functioning of modern financial systems.

Mr Kora said the training course will also provide participants with an understanding of the intricacies, challenges and opportunities associated with these critical components of the financial market infrastructure and payments.

“Although the financial systems have progressed over the past twenty years, the landscape of financial market infrastructure and payment systems in West Africa is becoming more integrated, with deliberate and concentrated efforts towards the modernization of various payment infrastructures,” Mr Amadou Kora informed participants, adding that, “At the same time, the integration of national payments infrastructure into regional payments is setting the foundation for continental-wide payment integration.”

Recognizing the existing challenges, and the need to increase capacity to address those challenges, he also disclosed that WAIFEM designed the course to equip participants with the knowledge and skills needed to navigate the complex world of financial market infrastructure and payment system.

In his keynote address on behalf of the Acting Governor of BSL, the Deputy Governor, Financial Stability, Mr. Sheikh Alhaji Yayah Sesay said the course presents a significant opportunity to delve into the critical aspect of Financial Market Infrastructure (FMI) and Payment Systems that underpin the functioning of the West African regional economy.

The Deputy Governor, Financial Stability said the FMI and payment systems play crucial roles in the functioning of a country’s financial systems.

Deputy Governor, Sheikh Alhaji Yayah Sesay entreated all participants to actively engage in the discussions throughout the course. He expressed confidence that the outcome of the course would contribute significantly to enhancing the efficiency, stability and inclusiveness of their financial systems.

“Together, we can foster financial market infrastructures that support sustainable economic growth, enable financial inclusion and ultimately improve the lives of individuals and communities around the world,” the Deputy Governor averred.