WABA Holds 2nd Banking Forum Meeting in Freetown
Theresa Manneh The West African Banking Association (WABA) has held its 2nd Banking Forum in Freetown, bringing together leading banking professionals and financial sector stakeholders from across the sub-region to discuss strategies for advancing the proposed ECOWAS single currency and strengthening cross-border payment systems.
The forum, held on Friday, November 6, 2026, at Lagonda Freetown, was organised in partnership with stakeholders under the theme, “Advancing the ECOWAS Single Currency and Payment System Integration for Financial Integration in West Africa.”
The gathering brought together prominent regional financial leaders, including the Managing Director of Rokel Commercial Bank and WABA Vice President, Dr. Ekundayo Walton Gilpin; WABA President, Dr. Dele Aladi; and Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, among other banking professionals and stakeholders.
Speaking at the event, Dr. Gilpin described the forum as an important platform for exchanging ideas and experiences, identifying practical solutions and strengthening partnerships to transform the financial landscape of West Africa.
He said the meeting was particularly timely, as it addressed one of the major aspirations of the Economic Community of West African States (ECOWAS): building a more integrated and financially connected region where citizens can conduct transactions with greater ease, efficiency and confidence.
Dr. Gilpin reaffirmed WABA’s commitment to promoting and strengthening the participation of commercial banks in advancing regional financial integration.
In his keynote address, WABA President Dr. Dele Aladi described the gathering as more than a conference, noting that it provided an opportunity for the association to reflect on its challenges and achievements, renew its commitment and establish a common vision for the future of banking in West Africa.
He said the forum’s theme addressed one of the sub-region’s most important economic ambitions: creating a financially integrated West Africa where trade, investment, capital movement and financial transactions can take place more efficiently, securely and affordably across national borders.
Dr. Aladi stressed that achieving this vision would require stronger institutional cooperation, innovation, effective leadership and sustained commitment from financial institutions across the region.
He also highlighted the growing influence of artificial intelligence and digital innovation in the banking sector, urging financial institutions to embrace the opportunities they present while addressing their associated risks.
According to him, innovation must be supported by sound corporate governance, effective risk management, regulatory compliance and robust cybersecurity frameworks to safeguard financial institutions and maintain public confidence.
He further emphasised that financial integration must go hand in hand with financial stability, noting that West African banks must strengthen their resilience and capacity to anticipate and withstand global economic and financial shocks.
The WABA President also underscored the importance of strategic partnerships with regional institutions, including ECOWAS, the West African Monetary Agency (WAMA) and central banks across the sub-region, to promote monetary cooperation, economic development and financial stability.
He maintained that the challenges confronting the banking industry were interconnected and therefore required coordinated regional responses.
Dr. Aladi described the proposed ECOWAS single currency and regional payment system integration as an opportunity to reshape West Africa’s financial landscape, but cautioned that these ambitions could only be achieved through practical action, collaboration and sustained leadership.
He called on banking institutions to work collectively towards building a more competitive, connected and resilient financial system capable of supporting regional trade, investment and economic prosperity.
In his presentation, Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, commended the ECOWAS Commission and other regional institutions for their continued commitment to strengthening monetary cooperation and accelerating financial integration across West Africa.
He noted that the aspiration to establish a single ECOWAS currency, known as the ECO, was a longstanding regional ambition aimed at promoting economic unity and strengthening cooperation among member states.
Dr. Stevens highlighted the need to address existing barriers to regional trade and financial transactions, including high transaction costs, reliance on external correspondent banking systems and inadequate payment infrastructure.
He emphasised that improved and interoperable payment systems, including the Pan-African Payment and Settlement System (PAPSS), could help reduce transaction costs, accelerate settlement times and facilitate cross-border payments in local currencies.
The Bank Governor also outlined Sierra Leone’s progress in modernising its financial infrastructure, particularly through the development of the National Payment Switch, which connects banks, mobile network operators and financial technology companies to facilitate seamless digital transactions.
He highlighted the country’s efforts to expand digital financial services, strengthen cybersecurity and promote financial inclusion, particularly among women, young people and underserved communities.
Dr. Stevens further stressed the need to strengthen regional cybersecurity, align national financial regulations, encourage financial technology innovation and improve macroeconomic convergence among ECOWAS member states.
He maintained that stronger financial interoperability would help reduce barriers to trade, strengthen regional value chains and create greater economic opportunities for the more than 400 million people across West Africa.
The discussions at the forum reinforced the need for collective action among governments, central banks, commercial banks and regional institutions to translate the vision of a financially integrated West Africa into practical results.
The meeting also provided an opportunity for regional banking leaders to strengthen partnerships, exchange experiences and explore strategies for building a more inclusive, innovative and internationally competitive banking sector.
Through the forum, WABA reaffirmed its commitment to advancing regional financial cooperation and supporting the development of a West African banking system in which national borders no longer serve as barriers to financial transactions, trade and investment.