West African Banking Association Holds 2nd Forum in Freetown

The West African Banking Association (WABA) recently held its second banking forum in Freetown, Sierra Leone, gathering leading banking professionals and financial sector stakeholders from across the sub-region. The meeting, which took place on 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 forum brought together prominent regional financial leaders, including Dr. Ekundayo Walton Gilpin, Managing Director of Rokel Commercial Bank and WABA Vice President; Dr. Dele Aladi, WABA President; and Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone. Dr. Gilpin described the forum as an important platform for exchanging ideas, identifying practical solutions, and strengthening partnerships to transform West Africa's financial landscape.

In his keynote address, Dr. Dele Aladi emphasised that achieving a financially integrated West Africa requires stronger institutional cooperation, innovation, effective leadership, and sustained commitment from financial institutions. He 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.

Dr. Aladi stressed that financial integration must go hand in hand with financial stability, and that West African banks must strengthen their resilience and capacity to anticipate and withstand global economic and financial shocks. He 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.

Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone, commended ECOWAS and other regional institutions for their commitment to strengthening monetary cooperation and accelerating financial integration. He noted that the proposed ECOWAS single currency, known as the ECO, aims to promote economic unity and strengthen cooperation among member states. Dr. Stevens highlighted the need to address existing barriers to regional trade and financial transactions.

The Bank Governor also outlined Sierra Leone's progress in modernising its financial infrastructure, particularly through the development of the National Payment Switch. This connects banks, mobile network operators, and financial technology companies to facilitate seamless digital transactions. He stressed the need to strengthen regional cybersecurity, align national financial regulations, and encourage financial technology innovation.

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 provided an opportunity for regional banking leaders to strengthen partnerships, exchange experiences, and explore strategies for building a more inclusive and internationally competitive banking sector.

Key points

• The forum aimed to advance the proposed ECOWAS single currency and strengthen cross-border payment systems.
• Dr. Dele Aladi emphasised the importance of innovation, effective leadership, and sustained commitment from financial institutions.
• The Bank of Sierra Leone's Governor highlighted the need to address existing barriers to regional trade and financial transactions.