The Governor of the Central Bank of Nigeria, Olayemi Cardoso has called for more regional collaboration to strengthen financial stability and growth in the West African region.
The governor made the call at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions Abuja on Monday.
The event, hosted by the West African Monetary Institute, gathered regulators, policymakers, and financial experts from across the region to discuss critical issues facing the non-bank financial sector in West Africa.
In his address, Cardoso underscored the importance of regional collaboration in strengthening financial stability and promoting economic growth within the West African Monetary Zone.
“Now, more than ever, the need for collaboration and cooperation amongst Member States cannot be overemphasized,” he emphasised, quoting an African proverb to highlight the significance of unity in achieving common goals.
The Governor commended the efforts of the CSNBFI in advancing regulatory frameworks, notably mentioning the recent adoption of the Model Act for Non-Bank Financial Institutions and Non-Bank Financial Holding Companies across the WAMZ.
This legislative milestone, approved in March 2024, marks a pivotal step towards harmonising supervisory practices and enhancing the resilience of the financial sector.
Highlighting emerging trends, the apex bank’s governor addressed the increasing role of fintech innovations and their implications for financial stability.
The Governor also emphasised the College’s focus on climate risk regulation, acknowledging the sector’s vulnerability to environmental shifts and the need for tailored regulatory responses aligned with global standards.
