The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has emphasized the need for regional collaboration to promote financial stability and economic growth in the West African region.
Speaking at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions in Abuja, Cardoso stressed the importance of unity in achieving common goals, citing an African proverb.
The meeting, hosted by the West African Monetary Institute, brought together regulators, policymakers, and financial experts to discuss critical issues facing the non-bank financial sector in West Africa. Cardoso commended the efforts of the CSNBFI in advancing regulatory frameworks, including the adoption of the Model Act for Non-Bank Financial Institutions and Non-Bank Financial Holding Companies across the WAMZ.
The Governor highlighted emerging trends, including fintech innovations and climate risk regulation, urging supervisors to bolster their cybersecurity frameworks and adopt risk-based supervisory approaches. He emphasized the importance of learning from each other’s experiences and leveraging the platform for knowledge exchange and collaboration.
Chairman of the College, Mr. Yaw Sapong, welcomed delegates and acknowledged the crucial role non-bank financial institutions play in promoting financial inclusion and economic growth. The Director General of WAMI, Dr. Olorunsola Olowofeso, emphasized the need for strengthened resilience in the financial sector, citing emerging risks such as climate-related risks, cyber threats, and digitization challenges.
The meeting aims to review progress made in the NBFI sector and formulate strategies to address current challenges, including regulatory harmonization, cybersecurity, and the impact of digital innovations on financial services.
