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GUINEA Deputy BANK Governor RECEIVES LECTURE in Sierra Leone

The Deputy Governor of the Central Bank of Guinea is on a two day visit to the Bank of Sierra Leone to gain firsthand experience on the Bank’s effective implementation of the AfDB funded Payments System Modernization Project and the Credit Reference Act.

Since 2011 the Bank of Sierra Leone has been implementing the Payment System Modernization Project in collaboration with the West African Monetary Institute (WAMI) and all Commercial Banks in the country.

 

The study tour of Mr. Abdoulaye Yero Balde, who was accompanied by Mr. Ibrahim Kalil Magassouba, the Bank’s General Manager and Head of Payments System, comes in the wake of WAMI and the African Development Bank’s (AfDB) commendation of the implementation of the Project in Sierra Leone, following the just concluded assessment mission to the Bank.

Speaking at a meeting with the Visiting Deputy Governor, the Deputy Governor of the Bank of Sierra Leone, Ms. Andrina Coker apprised him of progress made in the implementation of the WAMZ Payment System Modernization Project. She indicated that despite the successes so far, it was not without challenges. However, she said, with the support of its partners the Bank is now close to the ‘go live’ stage and expressed delight that the Central Bank of Guinea was on a   study tour at the Bank of Sierra Leone as a way of avoiding similar challenges that may derail their project’s implementation time table.  She assured the mission that the tour will contribute significantly to strengthening bilateral relations between the two central banks and tightens the commitment of mutual cooperation that has provided the foundation for the strong ties between the two countries and institutions.

Responding, Mr. Abdoulaye Yero Balde thanked the Deputy Governor for the open and frank discussions they had, indicating that his Bank has a tight schedule in the implementation of the project. Therefore, they want to learn, as quickly as possible, how Sierra Leone, one of the success stories in the sub region, managed the implementation so effectively. He also requested that the Bank shared their experiences in the implementation of   the Credit Reference Law and the setting up of the Credit Reference Bureau.

Mr. Yero Balde further praised the progress the Bank is making in improving the regulatory and supervisory environment for Commercial Banking especially the creation of the Credit Reference Bureau. He said the Central Bank of Guinea was anxious to emulate Sierra Leone in this direction.  The experience gained in the tour, he said, will go a long way in helping the Central Bank of Guinea achieve both objectives at a shorter period of time.

The West African Monetary Zone (WAMZ) Payments System Modernization Project will upgrade the Payments Systems in the WAMZ member Countries of Sierra Leone, the Gambia, Guinea and Liberia to the Standard of those of Ghana and Nigeria.  Implementation in the Gambia has reached ‘go live’ while Sierra Leone will commence “go live” in June.  Liberia and Guinea are yet to commence implementation.

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