8 November 2016
Lagos, Nigeria

SWIFT Business Forum West Africa 2016

Agenda

Tuesday, 8 November 2016

08:30-09:00

Welcome coffee and registration

09:00-09:15

Welcome remarks

 

  • Hugo Smit, Head of Sub Sahara Africa, SWIFT

09:15-09:45

Keynote address

09:45-10:30

Corresponding Banking 2.0- new technologies and meeting customer expectations

 

Over the last decade Africa has leapfrogged existing technologies. A wave of money is flowing into financial technology in the region and there is an increased focus on alternative payment systems including mobile money. How are factors such as disruptive technology, the growing demand for real-time payments and harmonisation and regulatory drive influencing in-country and cross-border payments in West Africa? This session will look how existing players are responding to new challenges and harnessing the potential of innovative technology to better serve their customers, and what SWIFT is doing to assist the community in defending their territory. 

10:30-11:00

Coffee break

11:00-11:45 Presentation
11:45-12:15

West African markets and the real economy 

 

Consolidation in mature market stock exchanges shows that they see the benefits of working closer together. As financial hubs emerge and evolve across Africa, a new pilot project has been established for Africa’s capital markets to cooperate on a greater scale in order to derive collective benefits for individual markets. The African Exchanges Linkage Project (AELP) aims to deepen Africa’s financial markets by bringing together the Nairobi Securities Exchange (NSE), Casablanca Stock Exchange (CSE), the Johannesburg Stock Exchange (JSE) and the Nigerian Stock Exchange (NiSE). This session will look at the role of securities markets in promoting economic growth, and how this partnership could promote innovation, attract investment and increase liquidity across the continent.

12:15-13:30

Lunch and Networking

13:30-14:15

Regionalisation and trade corridor evolution in West Africa

 

The sustained growth of African economies is well reflected in SWIFT payments volumes. In the year to date, SWIFT traffic volumes have increased 13.4% in Africa, far higher than SWIFT global growth of 6.4%.  A deeper-dive analysis of transaction flows originating from different African economic regions also shows the growing importance of intra-African trade. Since the West African Monetary Zone (WAMZ) was created in 2000, some major steps have been taken to support regional integration and boost intra-regional trade including the creation of the West African Monetary Institute and the proposed establishment of the West African Central Bank. The WAMZ aims to increase trade among its members, The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

 

What still needs to be done to fully realise the region’s integration aims? This session will look at the role of central banks in improving infrastructure in the banking sector and what can be done to strengthen West Africa’s financial markets and assist the development of intra-African trade corridors.

14:15-15:00

Policy in action: Challenges facing West Africa

 

The slump in commodity prices has had a significant impact on the economic outlook for West Africa leading to a need for governments to introduce new economic policies. At the same time, existing policies on compliance and payment system development need to be reviewed and refined to ensure that objectives are still being met. In this session we will look at what the impact of the economic downturn, increased expectations around compliance and developments in technology have had on policy formation in West Africa with a specific focus on FX and liquidity management, financial crime compliance and financial inclusion.

15:00-15:30

Coffee & Networking

15:30-16:15

The challenges of managing cyber risk

 

Cyber-attacks hit the headlines on a daily basis, and the banking sector is a top target. In a world built upon trust and dependent on reliable technology, financial institutions can stand or fall based on their upfront management of cyber risk and readiness to respond in the event of an attack. But what do banks need to do to effectively manage cyber risks? How does this extend beyond the more traditional view of technology risk? And how can these security investments be managed against regulatory and business-growth led demands?

16:15-16-30 Closing remarks