|Approval Date||09 Jul 2008|
|Signature Date||07 Aug 2008|
|Planned Completion Date||31 Dec 2016|
|Last Disbursement Planned Date||31 Dec 2016|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||24030|
The project aims to improve the basic infrastructure of the financial sector in the West African Monetary Zone (WAMZ) region through the upgrade of the payment systems of four countries in the zone: The Gambia, Guinea, Sierra Leone, and Liberia. At the time the WAMZ Payments System Development Project was designed in 2008, Liberia, was not ready to participate owing to other priorities of post-conflict Rehabilitation. Since Liberia acceded as a member of the WAMZ in February 2010, the supplementary grant facility aims to extend the implementation of the WAMZ Payments System Development Project to Liberia. The project comprises the following key components: (i) Real Time Gross Settlement (RTGS); (ii) Retail Payments Automation (RPA); (iii) Central Banking Application (CBA); (iv) Infrastructure Upgrade; and (v) Project management. Expected project outcomes include increased participation of the private sector businesses, and the citizens of The Gambia, Guinea, Sierra Leone, and Liberia in the formal financial sector, and enhanced efficiency of funds transfers across the four WAMZ member states.
The sector goal for WAMZ is to achieve full economic and monetary union of its six member states: Nigeria, Ghana, The Gambia, Guinea, Sierra Leone, and Liberia, to foster a more conducive environment for private sector-led growth. The primary objective of the ongoing project is to augment the payment systems in The Gambia, Guinea, and Sierra Leone in order to enhance the performance of their financial systems. In addition to deepening these countries’ financial sectors, the project aims to foster increased private investment through improved efficiency of financial intermediation. Further, the project will facilitate the process for the launch of a monetary union in the Zone, and would stimulate increased economic and trade relations in the region.
Project beneficiaries will include: the entire population of the four WAMZ countries - of which a majority are women - (through increased participation in the formal financial sector); and commercial banks, and private sector businesses – especially small and medium enterprises -, (through more efficient transfers of funds).
African Development Fund
West African Monetary Institute (WAMI)
|Last Update||20 Jun 2021|