The West African Monetary Agency (WAMA), in collaboration with the Central Bank of The Gambia, held a 3-day Regional Workshop for the Final Review and Adoption of the First Phase Deliverables of the African Development Bank (AfDB) Technical Assistance for the Harmonisation of Existing Payment System Infrastructures within ECOWAS, from 21 to 23 September 2026 in Banjul, The Gambia.
The workshop brought together members of the Technology and Rules/Operations (TRO) Committees, comprising experts from Member Central Banks, alongside representatives from regional payment infrastructure institutions, the Project Implementation Team (PIT) of WAMA, Genesis Analytics, the Consulting Firm engaged on the project, and Mr. Khassoum Wone, the Individual Consultant charged with the management of the project.
The meeting was an important milestone in the implementation of the ECOWAS Payments and Settlement System (EPSS), one of the flagship initiatives under Programme 7 of the revised ECOWAS Roadmap for the launch of the ECO. The EPSS is intended to support the interconnection of existing payment systems across the ECOWAS sub-region through regional Real-Time Gross Settlement (RTGS) and Instant Payment System (IPS) components, thereby contributing to faster, safer and more efficient cross-border transactions within the Community. Beyond its technical dimension, the EPSS is expected to become a critical enabler of regional economic integration by reducing transaction costs, improving settlement efficiency and supporting deeper financial market development across ECOWAS Member States.
Participants at the Regional Workshop for the Final Review and Adoption of the first phase EPSS Technical Assistance Deliverables, Banjul, The Gambia.
Delivering the Keynote address on behalf of the Governor of the Central Bank of The Gambia (CBG), Hon. Buah Saidy, Mr. Lamin Manneh, Senior Advisor to the Governor, situated the workshop within the broader regional monetary integration agenda. The Governor’s address recalled that the EPSS is one of the flagship initiatives under Programme 7 of the revised ECOWAS Roadmap for the introduction of the ECO and is expected to provide, through its RTGS and IPS components, the infrastructure required to connect currently fragmented payment systems across Member States. The address stressed the need to accelerate implementation of the project, given the delays recorded to date and the expectation that the regional payment system should be operational ahead of the launch of the ECO. The Governor’s address further underscored that the successful deployment of the EPSS would represent a significant step towards strengthening monetary cooperation and preparing the institutional infrastructure required for the future single currency project.
The address further drew attention to the wider economic importance of the initiative. Despite ECOWAS’ significant economic and commercial potential, intraregional trade remains comparatively low, while fragmented payment systems, the absence of direct interoperability, common settlement arrangements and shared regional payment infrastructure continue to make cross-border transactions slower, more complex and costly. The workshop was therefore presented as an opportunity for the region’s experts to help address these constraints by rigorously reviewing the proposed technical foundations of the EPSS.
Mr. Lamin Manneh, Senior Advisor to the Governor, delivering the Keynote address at the EPSS Regional Validation Workshop on behalf of Hon. Buah Saidy, Governor of CBG.
For the opening remarks of the Director General of WAMA, Hon. Boima S. Kamara, emphasized that the strategic importance of the EPSS extends beyond facilitating faster, safer and less costly cross-border payments. The project is also expected to contribute to financial inclusion, intra-regional trade and the free movement of capital. He stressed, however, that these objectives can only be achieved through coherent architecture, harmonised rules, clearly defined governance arrangements and close cooperation among Central Banks, Community institutions and other stakeholders.
Against this background, the Director General highlighted the 7 core project deliverables developed by Genesis Analytics in consultation with stakeholders, covering, among others, the functional designs of the regional RTGS and IPS, the EPSS roadmap and architectural blueprint, participation rules, and the operational rules and procedures governing both systems. Taken together, these deliverables are intended to establish the functional, technical, institutional and operational foundations of the future regional payment framework. He therefore called for their rigorous assessment in terms of coherence, feasibility, security and capacity to effectively meet the needs of ECOWAS Member States. Collectively, these deliverables provide the blueprint for a scalable and future-proof regional payments architecture capable of accommodating evolving technological and regulatory requirements.
Hon. Kamara, Director General of WAMA, addressing participants virtually during the opening session of the EPSS Regional Validation Workshop.
In his welcoming remarks, the Chairman of the Technology/Rules and Operations (TRO) Committees, Mr. John Mommoh, described the harmonisation of payment system infrastructure as a cornerstone of ECOWAS’ vision for a more integrated, competitive and prosperous West Africa. He underscored that, as regional economic integration deepens, the development of secure, efficient and interoperable payment systems is essential to facilitating seamless cross-border transactions.
He described the Banjul validation exercise as a key milestone resulting from extensive consultations, technical assessments, stakeholder engagement and collaborative work among experts and institutions across the region. He stressed that the exercise provides an opportunity for the experts to critically assess the proposed deliverables, ensure that they adequately reflect the realities and priorities of Member States, and confirm their alignment with the wider regional integration agenda.
The Chairman further underscored the importance of regional ownership and active participation, noting that the technical expertise, practical experience and recommendations of members of the Committees would be critical to refining and strengthening the final outputs. The common objective, he emphasized, is the development of a modern, resilient, interoperable and inclusive payment ecosystem capable of effectively serving governments, financial institutions, businesses and citizens across the ECOWAS region.
Chairman of the TRO Committees addressing participants during the opening session.
The workshop builds on an extensive technical review process of the deliverables that have already undergone preliminary consideration during virtual review sessions. The Banjul meeting provides an opportunity for experts to undertake a final review of the documents, resolve outstanding technical issues and adopt the deliverables for submission to the PSC and the AfDB.
Members of the TRO Committees and other participants reviewing the first phase of the EPSS technical deliverables during the Banjul workshop.
The workshop also reflects the collaborative approach underpinning the EPSS project, bringing together regional institutions, Member Central Banks, technical experts, payment system stakeholders and development partners around a common objective. The initiative also illustrates the region’s commitment to leveraging collective expertise and cooperation mechanisms to address common payment system challenges and foster greater economic integration.
WAMA, Central Bank representatives, technical experts and project partners participating in the regional validation exercise in Banjul.
The 3-day workshop laid the foundation for participants to undertake a detailed review of the technical deliverables. The conclusions and recommendations emerging from the deliberations will provide strategic guidance for the next phase of the technical assistance project and support informed decision-making by the relevant ECOWAS authorities. The successful implementation of the recommendations arising from the validation workshop would constitute an important milestone in ECOWAS’ efforts to establish a modern, integrated, efficient and resilient regional payments ecosystem capable of underpinning deeper economic and monetary integration.
