Through the new partnership, WAMI and EMTECH will establish a knowledge collaboration program called WAMZ RegEX. The program will focus on improving regulations, sharing global and regional sandbox benchmarking insights, and onboarding WAMZ regulatory sandboxes to conduct pilot programs.

In addition, the two companies will publish research and case studies and fund capacity-building programs and thought-leadership workshops.

“Our collaboration with EMTECH marks a new chapter in our commitment to creating a unified financial landscape in the WAMZ and signifies a critical step towards achieving a more integrated and technologically advanced financial ecosystem in West Africa”, said Olorunsola E. Olowofeso, director general of WAMI. “We look forward to the positive impact this partnership will have on our member states and the broader West African region.”

WAMI is an organisation which seeks to undertake technical preparations for establishing a West African central bank. This would entail a single currency for countries that are part of the WAMZ; there are six members of WAMI: Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

EMTECH is a company offering services on its integrated SaaS platform. EMTECH products include the Digital Regulatory Sandbox and Central Bank Digital Currency (CBDC).

In December 2020, the company launched a new platform which helps central banks streamline regulatory reviews and test their central bank digital currencies.

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Tunji Odumuboni, executive director for the Africa region at EMTECH, welcomed news about the partnership.

“We are excited and honoured to collaborate with WAMI to drive financial integration and economic development within the WAMZ.”

EMTECH’s CEO and founder Carmelle Cadet added: “The collaboration between EMTECH and WAMI aligns with our mission of making financial markets inclusive and resilient for everyone by modernising central banking infrastructure.

“We are eager to work with WAMI to deploy solutions addressing local and regional fintech innovation and regulatory frameworks in the West African Monetary Zone”, Cadet added.