Original disclosure @ AFDB website
Updated in EWS May 17, 2023
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According to the Bank’s website, this project focuses on West African Monetary Zone (WAMZ) Unique Bank Identification (UBI) and Digital Interoperability. It aims to enhance Financial Sector Efficiency, Increased Access to Finance and Greater Regional Integration in the WAMZ. The project will improve their access to financial services by providing them with free identification in FSPs, and will also improve the delivery of social services, particularly money transfer projects. In addition, it will build confidence among financial institutions in the region in terms of capacity and methodologies for implementing international KYC and AML/CFT recommendations. This will result in the removal of a major barrier to inter-bank correspondence, thereby stimulating regional financial trade and integration. The project components are as follows: (i) Harmonisation of Rules and Regulations on UBI Implementation in the WAMZ. (ii) Implementation of UBI in participating member states of the WAMZ (iii)Project Management and Capacity Building.
The project's development objective is to enhance financial sector efficiency, increase access to finance and foster greater regional Integration in the WAMZ. Other objectives include: (i) Reinforce customer protection (ii) Enhance the regulation of the financial sector within the WAMZ and (iii) Foster ongoing digital transformation of national economies.
ACCESS TO INFORMATION
You can submit an information request for project information at: https://www.afdb.org/en/disclosure-and-access-to-information/request-for-documents. Under the AfDBÕs Disclosure and Access to Information policy, if you feel the Bank has omitted to publish information or your request for information is unreasonably denied, you can file an appeal at https://www.afdb.org/en/disclosure-and-access-to-information/appeals-process.
ACCOUNTABILITY MECHANISM OF AfDB
The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing email@example.com, firstname.lastname@example.org, email@example.com, and/or firstname.lastname@example.org. You can learn more about the IRM and how to file a complaint at: https://www.afdb.org/en/independent-review-mechanism/