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RTGS and CSD solution to the Western African Monetary Institute

2010-04-16

CMA signs a contract for the provision of RTGS and CSD solutions to the Western African Monetary Institute.

Stockholm, April 16th 2010. CMA announced today that on April 7th 2010, the Western African Monetary Institute (WAMI) signed a contract for the implementation of a Real Time Gross Settlement System and a Scriptless Security Settlement System from CMA.

This project is being a part of the initiative of the Payment System Development program in the West African Monetary Zone (WAMZ). Sponsored by the African Development Fund, it is part of WAMZ Developmental programme, which requires a robust payment and settlement systems to ensure the deepening of the region’s financial system, and whose main objectives are to:

  • Eliminate, as far as possible, risks from payments, clearing and settlement systems;
  • Speed up the exchange and settlement of funds and securities to levels that will effectively eliminate float;
  • Improve convenience, services and security for users;
  • Bring efficiency to government receipts and payments ;
  • Improve WAMZ Central Banks’ monetary management capabilities.

The project will allow the WAMZ countries to fulfil their regional and national objectives including:

  • Improvement of the financial intermediation efficiency;
  • A better systemic risks management in the financial sector;
  • An easier liquidity management which will ease monetary policy implementation.

Both systems, based on CMA’s own RTS/X and DEPO/X solutions will be installed in three countries of WAMZ, namely the Gambia, Sierra Leone and Guinea.

CMA, who already implemented similar systems for the Central Bank of Central African States (BEAC) and for the Central Bank of West African States (BCEAO) is looking forward to participate in this new challenging project aiming to promote the economic and monetary integration of the West African sub-region and help facilitating trade among the WAMZ/ECOWAS member countries.


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