MONROVIA, LIBERIA-The 56th Meeting of the College of Supervisors of the West African Monetary Zone (CSWAMZ) is being convened in Monrovia.
The meeting brings together banking supervisors and regional partners from across the zone for four days of high-level deliberations, from February 4 to 7, 2026.
The meeting is being held under the coordination of the West African Monetary Institute (WAMI).
The forum focuses on strengthening supervisory cooperation, promoting policy harmonisation, and deepening collaboration to safeguard regional financial stability, with particular emphasis on the Banking Sector, which remains central to the region’s financial system.
In her opening remarks, OIC Banking Supervision Department (BSL) and Chairperson of the College, Mahawa Korjie, stressed that a sound, resilient, and well-supervised Banking Sector is critical to sustaining economic growth and maintaining financial confidence across the West African Monetary Zone.
She underscored the importance of direct engagement among supervisors, noting that stronger collaboration and deeper risk cooperation are essential to reinforcing the region’s collective financial architecture and advancing supervisory effectiveness.
Madam Korjie commended member countries for their continued commitment to supervisory harmonisation and acknowledged the pivotal role of WAMI, alongside WAMA, and the Commission Bancaire, in providing technical leadership, promoting macro-economic convergence, building capacity, and enriching supervisory dialogue across the region.
At the same time, the Director General of the West African Monetary Institute (WAMI), Dr Abdulsalam Sikiru Abidemi, has warned that although economic recovery is gradually taking hold across the West African Monetary Zone, persistent risks, including exchange rate volatility, and rising cyber threats, continue to challenge macroeconomic and financial stability.
Speaking at the start of the meeting, Dr Abidemi said declining inflationary pressures in Member States reflect decisive policy actions by national authorities, but cautioned that elevated debt service costs, geopolitical tensions, and trade uncertainties could undermine recent gains without coordinated regional responses.
He emphasised that the meeting goes beyond procedural formality, describing it as a critical platform for reviewing banking sector developments, addressing regulatory and supervisory challenges across the zone.
The WAMI Director General noted that the rapid expansion of mobile banking and digital financial services has improved access to finance for millions and has also increased exposure to fraud, cybercrime, and regulatory fragmentation, requiring swift and coordinated supervisory responses.
On regional integration, Dr Abidemi disclosed that WAMI is advancing key initiatives, including domestic market development, capital market integration, and the Unique Bank Identification and Digital Interoperability Project, while awaiting feedback from the African Development Bank on proposals for a regional digital regulatory sandbox.
For his part, the Executive Governor of the Central Bank of Liberia (CBL), Henry Saamoi, has reaffirmed Liberia’s commitment to regional financial stability and monetary integration.
Delivering the keynote address on behalf of President Joseph Nyuma Boakai, Sr., Governor Saamoi described supervisors as the guardians of financial stability and stressed that effective cross-border supervision is now a regional imperative due to the growing interconnectedness of banking systems and financial markets across the West African Monetary Zone.
He highlighted major financial sector reforms undertaken by Liberia, including the enactment of the Banking and Financial Institutions Act and the Banking and Financial Holdings Companies Act, aligned with the ONEs Model Banking Act, to strengthen consolidated supervision, corporate governance, capital adequacy, and risk management in line with international standards.
Governor Saamoi disclosed that the Central Bank is implementing a phased increase in minimum bank capital from US$10 million to US$15 million to enhance balance sheet resilience and support responsible credit expansion, while also citing progress in payment system reforms, such as the launch of the Inclusive and Instant Payment System and the deployment of the National Electronic Payment Switch to deepen financial inclusion.
Declaring the meeting officially open, he urged supervisors across the WAMZ to strengthen cooperation, harmonise standards, and embrace innovation while safeguarding stability to build a resilient, inclusive, and trusted regional financial system.