Today, the West African Monetary Institute (WAMI) and EMTECH SOLUTIONS Inc. announced a strategic partnership to modernize country-level and regional regulatory sandboxes.
This partnership will enable the harmonization of heterogeneous financial technology regulatory policies and frameworks across the West African Monetary Zone (WAMZ).
The WAMZ member states’ level of financial integration is going to be improved as a direct result of this collaboration.
WAMI and EMTECH will establish a knowledge and collaboration programme called WAMZ RegEX.
The programme will focus on promoting value, onboarding a cohort of WAMZ regulatory sandboxes to conduct rapid pilots, and showcasing regulatory innovation. In addition to this, the cooperation will include the publication of research and case studies, as well as the facilitation of capacity-building programmes and seminars on thought leadership.
The expertise of EMTECH in Central Bank Digital Currency (CBDC) and Digital Regulatory Sandbox technologies will assist WAMI and WAMZ member states in cultivating an environment that is amenable to the development of innovative financial practices.
The Director of Financial Integration at WAMI, Souleymane Tall, emphasised the strategic significance of this collaboration and emphasised that the engagement with EMTECH will align with our primary objective, which is to promote financial integration and regional economic development. Souleymane Tall emphasised the strategic value of this collaboration. By cooperating with one another, we will be able to open up new doors of opportunity, broaden people’s access to financial services, and make a contribution to the expansion and maintenance of the West African Monetary Zone.
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EMTECH’s CEO, other executives make comments
Carmelle Cadet, the founder and chief executive officer of EMTECH, stated “The collaboration between EMTECH and WAMI aligns with our 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.” she continued, “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. In EMTECH, they have a real partner for the long haul.”
Tunji Odumuboni, Executive Director, Africa at EMTECH, stated further, “We are excited and honored to collaborate with WAMI to drive financial integration and economic development within the WAMZ.”
The Director General of the West African Monetary Institute (WAMI), Olorunsola E. Olowofeso, emphasised the significance of the cooperation by adding; “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.”
About West African Monetary Institute(WAMI).
The West African Monetary Institute (WAMI) is an organisation that was founded to carry out technical preparations for the launch of a single currency for the West African Monetary Zone (WAMZ) and the establishment of a central bank for West Africa.
The overarching objective of the Institute is to carry out preparatory activities for the launch of a monetary union. These activities include research and publication, data collection and sharing, as well as the dissemination of information to facilitate trade integration, financial sector integration, payments system development, and statistical harmonization.
About EMTECH SOLUTIONS, INC.
EMTECH is a cutting-edge central bank technology and services company that provides an integrated SaaS platform with products such as the Central Bank Digital Currency (CBDC) and the Digital Regulatory Sandbox.
The forward-thinking solutions developed by EMTECH enable central banks, financial institutions, and regulators to navigate the fast shifting landscape of innovation and regulation in the financial services industry. By offering cutting-edge technological solutions and services, EMTECH helps its partners to address local and regional concerns, promote financial inclusion, and drive sustainable economic growth.