In an address to the Central Banks Payment Systems Experts' meeting which opened on Wednesday
"I believe that you are well familiar with this process, having implemented similar systems in your respective central banks, though at national levels," the Commissioner told the experts, adding that the goal is to "promote monetary and financial integration, facilitate intra-Community trade in goods and services and the realization of the Community's objective of establishing an economic union in line with Article 2(e) of the ECOWAS Revised Treaty. "
He also reminded them that Article 52 of the Revised Treaty "empowers the
A key requirement on each Member State for the attainment of a regional economic union is "efficient and effective national payment system that is internationally acceptable and that would ultimately be interlinked within the region," the Commissioner said, in the address read on his behalf by Mr.
"Luckily, the EPSS study revealed that with only
He listed the expected benefits from the EPSS to include guarantee of prompt payment to the exporter - at the latest by the next day that the importer deposits the required amount at its
Others are leveling of the playing field by getting all commercial banks to deal directly with one another without having to go through banks outside the region; predictability in payment timing and reduced payment cycle time as compared to other international payment alternatives; lower cost and quick turn-around of EPSS payments translates into savings for the importer; and easy process for making cross-border payments at retail and wholesale levels.
Given the "importance attached to EPSS in our economic integration," Commissioner Traore urged the experts to thoroughly examine the submissions by project consultants and make recommendations to the forthcoming
"With EPSS, the need for correspondent banking to facilitate trade transactions between ECOWAS Member States will soon be unnecessary, " he affirmed.
The report of the ongoing meeting will be considered by a two-day WAMA experts meeting which begins on Friday 27th June that will feed into the Central Banks Governors meeting next week, all in the Senegalese capital.
TNS 18EstebanLiz-140626-30FurigayJane-4778376 30FurigayJane
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