College of Supervisors of Non-Bank Financial Institutions (CSNBFI) in the WAMZ
On November 15, 2019, the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) of the West African Monetary Zone (WAMZ) was inaugurated at the West African Monetary Institute (WAMI), Accra Ghana by the representative of the Honourable Governor of the Bank of Ghana (BoG), Dr. Ernest K.Y. Addison. The new College was approved by the CoG at its 39th Meeting held in Conakry Guinea to provide the platform for exchange of knowledge and information, harmonisation of the legal and regulatory framework and review developments in the non-bank financial institutions (NBFI) sectors in respective Member States of the WAMZ.
CSNBFI also seeks to provide the platform to promote financial inclusion, understand and address NBFI cross-border risk profile and vulnerabilities, emerging risks, early warning signals and crisis resolution, as well as contribute to consistent implementation of WAMZ decisions. Membership of CSNBFI comprises heads of non-bank financial institutions supervision departments in central banks of Member States. WAMI serves as the secretariat of the College. The Charter governing the formation and working procedures of the College was signed on February 13, 2020 by Governors of Member States central banks.
Activities of CSNBFI:
- Preparation of the CSNBFI Charter;
- Automation of supervisory processes of NBFI sectors in Member States;
- Update on developments in AML/CFT supervision and regulation;
- Review of the impact of the COVID-19 Pandemic on NBFIs;
- Development of a Model Act for Non-Bank financial Institutions and Non-Bank Financial Holding Companies; and
- Presentation of country reports on developments in the NBFI sector
- Formation of CSNBFI;
- Organised two (2) successful CSNBFI Meetings; and
- Contributed to the development of a draft Model Act for Non-Bank financial Institutions and Non-Bank Financial Holding Companies.
Way Forward - CSNBFI
As a new set-up the Department would continue its regular engagement with Member States to create relevant content for CSNBFI, particularly in the areas of identifying common risks and vulnerabilities in the microfinance space as well as initiating activities for the promotion of inclusive finance in the Zone.