E-Financial
Emefiele Emerges Chairman ECOWAS Central Bank Governors
Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) has been elected chairman of Committee of Central Bank Governors of the ECOWAS sub-region.
Emefiele who was elected by fellows central bank governors from ECOWAS countries at the 31st Meeting of the Committee of Governors of the West African Monetary Zone (WAMZ) in Abuja yesterday also hinted that the January 1, 2015 date for the sub-regions monetary union may not be realized.
He said the launch of Single Currency for the West African Monetary Zone (WAMZ) by January 2015 may not be feasible.
According to him, from the study of countries’ preparedness, there are challenges hindering the performance of their economies from meeting the convergence criteria for single currency.
“The study notes that various countries continue to make remarkable progress towards the establishment of a common market and the implementation of the ECOWAS trade integration protocols and reform of their financial systems.
“On the strength of this assessment, the study concluded that the launch of the monetary union by January 2015 is unlikely’.
“Their level of institutional preparedness for the monetary union remains inadequate,’’ he said.
Emefiele said the study showed that the performance of member states’ on the convergence scale relative to that required for the establishment of a monetary union was still inadequate.
He added that the study revealed that member countries business cycle synchronisation in terms of real Gross Domestic product (GDP), inflation, broad money and interest rate remained weak.
Emefiele said there was need for the buy-in of all member states in WAMZ project, adding that effort to update each other on the level of progress should be strengthened.
He called for intensified effort on sensitization of all stakeholders and urged individuals to evaluate, sign and ratify the various WAMZ protocols and strive to implement them accordingly.
“It is my believe that with strong commitment to the WAMZ project as demonstrated so far, combined with the necessary political will, we can use our various state machineries to foster the union project by promoting trade integration.
“As the Central Bank and Financial Sector regulators, we must commit to develop and support sound banking system and efficient payment network capable of facilitating the required rapid trade expansion in the sub-region,’’ he said
The governor said that effort must focus on effective coordination between fiscal and monetary policies to support price stability mandate and create appropriate macroeconomic environment conducive for intra-regional trade.
He called for the implementation of a framework for quoting and trading in WAMZ member countries’ currencies to improve trade integration.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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