By Josephine Akaaer, Special Correspondent

The West African Monetary Institute (WAMI) and EMTECH SOLUTIONS Inc. Friday announced a strategic partnership to modernize country-level and regional regulatory sandboxes, enabling the harmonization of heterogeneous Fintech regulatory policies and frameworks across the West African Monetary Zone (WAMZ). The collaboration aims at strengthening financial integration across the WAMZ member states.

WAMI and EMTECH will establish a knowledge and collaboration programme called WAMZ RegEX, which focuses on showcasing regulatory innovation, sharing insights from global and regional regulatory sandbox benchmarking, onboarding a cohort of WAMZ regulatory sandboxes to conduct rapid pilots, and promoting value. Additionally, the partnership will involve publishing research and case studies, as well as capacity-building programs and thought-leadership workshops.

Director-General of the West African Monetary Institute (WAMI), Olorunsola E. Olowofeso emphasized the importance of the partnership saying, “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.”

Director of Financial Integration at WAMI, Souleymane Tall, highlighted the strategic value of this collaboration and stated that the partnership with EMTECH would align with our core mission to promote financial integration and regional economic development. By working together, we could unlock new opportunities, improve access to financial services, and contribute to the overall growth and stability of the West African Monetary Zone.

Executive Director, Africa at EMTECH, Tunji Odumuboni remarked, “We are excited and honored to collaborate with WAMI to drive financial integration and economic development within the WAMZ.” EMTECH’s expertise in Central Bank Digital Currency (CBDC) and Digital Regulatory Sandbox technology will support WAMI and WAMZ member states in fostering an environment conducive to financial innovation.

Founder and CEO of EMTECH Carmelle Cadet added, “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.” Cadet 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 US 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.”