Upon the invitation of Mr. Tiémoko Meyliet Kone, Governor of the Central Bank of West African States (BCEAO), Ms. Christine Lagarde made a working visit to BCEAO headquarters on the sidelines of her official visit to Senegal. Ms. Lagarde, accompanied by a large delegation, led a conference on the theme “Financial integration in the service of inclusive growth.”

The meeting was marked by the attendance of key stakeholders of the WAEMU integration process, general managers of financial institutions and leaders of the major microfinance institutions networks in Senegal, as well as researchers and teachers of universities, research centers and large schools of Senegal and the members of the management and staff of the BCEAO.

Addressing the theme of the conference, Ms. Lagarde noted the importance of the financial sector development and financial inclusion for the consolidation of foundations for strong and inclusive growth. Taking stock of the evolution of the financial sector in developing countries such as those of the WAEMU, Ms. Lagarde mentioned the rapid progress made by WAEMU countries in microfinance and mobile banking. She focused her recommendations on the adoption of a regulatory framework to promote financial inclusion while preserving the stability of the financial sector, the development of healthy microfinance institutions, the promotion of innovative financial instruments such as mobile banking as well as improvement of the legal environment by states. Finally, she welcomed the actions taken by BCEAO under the leadership of Governor Kone to promote the development of the financial sector of the WAEMU.

The Governor of the BCEAO underlined the convergence of views between the IMF and the BCEAO. He said the actions implemented by the BCEAO to promote financial inclusion and enhance stability of the WAEMU financial sector are part of a coherent and orderly strategy adopted by the highest authorities of the WAEMU. The Governor of the BCEAO focused on key actions to this end, in the supervision and control of credit institutions and microfinance institutions and the promotion of digital financial services. He also highlighted the actions taken to ensure the deepening and diversification of the financial market of the WAEMU.

Fruitful and enriching exchanges followed these two interventions, including the development of technological infrastructure needed to promote mobile financial services, taxation applicable to microfinance institutions and the relationship between financial inclusion and economic growth.