Multinational - West African Monetary Zone Payment System Development Project (The Gambia, Guinea and Sierra Leone)


Project Summary

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
Sector Finance
DAC Sector Code 24030
Environmental Category 3
Commitment U.A 14,000,000
Status Completion

Project General Description

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.

Project Objectives

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.

Beneficiaries

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).

Participating Organization

Funding
African Development Fund
Extending
Government
Implementing
West African Monetary Institute (WAMI)

Information

IATI identifier 46002-P-Z1-HZ0-001
Last Update 20 Jun 2021

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Contact Details

Name KYOKUNDA Grace
Email g.kyokunda@afdb.org

Geographic Location

Country Multinational