The West African Monetary Agency (WAMA) was mandated by the authority of Heads of States of ECOWAS to facilitate the realization of the ECOWAS Payments and Settlement Systems (EPSS) infrastructure in line with the vision to come up with a single Central Bank and a single currency. The EPSS project is the initiative to harmonize the diverse existing payments and settlement system infrastructures in ECOWAS by developing a single regional payment and settlement system.
The West African Monetary Agency (WAMA) has received a grant from the African Development Bank through ADFI . The African Development Bank’s financing will be used to execute the ECOWAS Payments and Settlement Systems project’s Regional Instant Retail Payment System components and to finish some of the work on the Real Time Gross Settlement (RTGS) System.

The West African Monetary Agency (WAMA) was mandated by the authority of Heads of States of ECOWAS to facilitate the realization of the ECOWAS Payments and Settlement Systems (EPSS) infrastructure in line with the vision to come up with a single Central Bank and a single currency. The EPSS project is the initiative to harmonize the diverse existing payments and settlement system infrastructures in ECOWAS by developing a single regional payment and settlement system.
The West African Monetary Agency (WAMA) has received a grant from the African Development Bank through ADFI . The African Development Bank’s financing will be used to execute the ECOWAS Payments and Settlement Systems project’s Regional Instant Retail Payment System components and to finish some of the work on the Real Time Gross Settlement (RTGS) System.

Accra, Ghana — 5 to 14 September 2023

The West African Monetary Agency (WAMA) is an autonomous and specialized agency of the
Economic Community of West African States (ECOWAS), established in 1996 following the
transformation of the West African Clearing House (WACH). The mission of the Agency is to
introduce a single currency for the fifteen (15) ECOWAS Member States under the ECOWAS
Monetary Cooperation Programme (EMCP).
The mandates of the Agency include but not limited to the following: to enhance monetary
cooperation and consultation among Member States, facilitate the harmonization and coordination
of monetary and fiscal policies as well as structural adjustment programmes, ensure the
monitoring, coordination and implementation of the EMCP and to initiate and promote policies
and programmes relating to monetary integration in the Sub -region

The attention of the Management of the West African Monetary Agency (WAMA) has been drawn to an article at page 19 of The Standard Times newspaper of 23 November 2022 with the title, ‘Diplomat in Drug Trafficking… died at Istanbul Airport.’ Management also notes that the article cites the Monrovia based Front Page Africa as its source for the publication.

The West African Monetary Agency (WAMA) is an autonomous and specialised body of ECOWAS. It was establishedin 1993, and started operations in 1996, as result of the transformation of the West African Clearing House (WACH). TheAgency is charged with the responsibility for monitoring, coordinating, and implementing the ECOWAS MonetaryCooperation Programme (EMCP), geared towards the creation […]

The European Union (EU) offers a unique experience of financial integration among sovereigncountries, including regulatory and institutional integration of financial services. Financial integrationof European economies started with growing trade integration, various financial regulatory initiativesfrom the late 1970s, and the scrapping of capital controls by participating European nations from thelate 1980s. While financial integration made progress, […]

The roadmap for the adoption of the ECOWAS single currency revised in Accra, Ghana during the 86th Ordinary Session of the Council of Ministers on 16 and 17th June 2021. The revised roadmap sets out various activities to be implemented before the eco is launched in 2027. Among the activities is the harmonization of existing […]

The Financial Integration Department of the West African Monetary Agency (WAMA) in collaboration with the European Central Bank (ECB), the ECOWAS Commission and Member Central Banks, organized a one-day virtual workshop on October 28, 2021 on the theme “Implementation of the ECOWAS Payment and Settlement System (EPSS) Project and the Lessons that Could be Drawn […]

The WEST AFRICAN MONETARY AGENCY (WAMA) has received financing from the African Development toward the cost of the Gender Mainstreaming in Digital Financial Services Policies and Regulations across ECOWAS, and intends to apply part of the agreed amount of USD 75,000 to payments under the contract for consultant. The services included under this project are […]