By Aaron Parker
The West African Bankers’ Association (WABA) held its 78th Executive Council Meeting and 42nd General Assembly meeting in Sierra Leone. The event was hosted by the Sierra Leone Association of Commercial Banks (SLACB) from the 8th to 9th of August 2024 at the Freetown International Conference centre.
The event featured panel discussions on IFRS 9 for directors, cross-border settlement system, and debt management and recovery, highlighting key focus areas and inviting various panelists to ensure informative talks.
The key speakers were Sheku Ahmed Fantamadi, Dr. Ibrahim Stevens, Dr. Guy Laurent Fondjo, WABA president and Dr. Walton Ekundayo Gilpin, president of the Sierra Leone Bankers’ Association (SLACB).
The program also featured the reporting of WABA’s financial accounting, annual audit reports, yearly subscriptions, and the day-to-day running of its secretariat, amongst others.
Fondjo said WABA continues to play a crucial role in the economic and financial integration of the ECOWAS region, and remains committed to strengthening financial institutions and promoting regional cooperation for sustainable development.
Speaking on the challenges of economic instability and technological disruptions facing the sub-region, the Bank Governor of Sierra Leone, Dr. Ibrahim Stevens emphasized that by pooling their resources, knowledge, and expertise, they can develop solutions that are not only effective but sustainable in the long-term. He said this can be achieved through the commitment of an open dialogue and the shared vision for the future of banking in West Africa.
“We must invest in the development of human capital, and equip our workforce with the skills necessary to adapt to the evolving financial landscape,” says Dr. Ibrahim Stevens.
He further welcomed Guinea as the only French West African member to WABA, adding that its participation breaches the linguistic and cultural divide within the region. He encouraged all other West African states to work with WABA as their strength rest on unity and diversity.
WABA President Dr. Guy Laurent expressed gratitude to their host for the warm reception and hospitality. He also thanked their guests who traveled from various corners of the globe to support the collaborative spirit and shared vision that forms the bedrock of the association.
He described the theme of this year’s assembly as one that encapsulates the critical challenges and opportunities ahead of them. He added that it is one that resonates with their collective mission of economic growth, social equity, and environmental stewardship through innovative financial practice.
Read Sierra Leonean Banker Elected Vice President II of West Africa Bankers Association
The newly elected Vice President II of WABA, Dr. Walton Ekundayo Gilpin stated that as commercial banks operating within the Republic of Sierra Leone, they feel honored and humbled by the opportunity to host this prestigious event—the 78th Executive Council Meeting and the 42nd General Assembly of the West African Bankers Association (WABA). He described the gathering as a testament to the collective effort and collaboration between WABA and the Bank of Sierra Leone, which has been instrumental in making the event possible.
“I extend my heartfelt gratitude to the minister of finance and economic development, and to the governors of the Bank of Sierra Leone, for their unwavering support and guidance. Your leadership and commitment to fostering a robust and resilient financial sector in Sierra Leone have been invaluable. It is your steadfast support that has enabled us to create a framework within which our banking sector can thrive, contributing to the broader economic development of our nation,” Dr. Gilpin stated.
He commended the president and executive members of WABA for their vision and leadership in organizing the event. The theme of this year’s gathering, “Navigating the Future of Banking: ESG, Sustainability, and Digital Transformation,” is both timely and pertinent, he adds.
“As we navigate an increasingly complex and dynamic global financial landscape, the importance of environmental, social, and governance (ESG) principles, sustainability, and digital transformation cannot be overstated,” Dr. Gilpin noted.
He said the challenges confronting WABA are numerous. These range from the need to integrate sustainable practices into existing business models, to harnessing the power of digital technology to drive innovation and efficiency. These are not just opportunities for growth, but imperatives for survival in an era where the pace of change is relentless, Dr Gilpin added.
“We must embrace these challenges with a forward-looking mindset, ensuring that our institutions remain resilient, adaptive, and responsive to the needs of our customers and the wider community,” Dr. Gilpin stated.
Established in 1975, ECOWAS has been working towards creating an Economic and Monetary Union among its member countries. In line with this objective, the West African Monetary Agency (WAMA) was formed to facilitate the realization of the ECOWAS Payments and Settlement Systems (EPSS) infrastructure in line with the vision to come up with a single Central Bank and a single currency.
