The 15th annual meeting of the Committee of Banking Supervisors of West and Central Africa (CSBAOC) went underway in Yaounde yesterday.

Banking experts in the West and Central Africa, under the banner “Committee of Banking Supervisors of West and Central Africa (CSBAOC)” are scanning best practices loan institutions in the sub-region could adopt to stand recurrent global challenges and ably contribute to the economic development of member countries. This is within the framework of a two-day 15th annual meeting of CSBAOC which went underway at the headquarters of the Bank of Central African States (BEAC) in Yaounde yesterday. Besides examining how the institution has fared thus far, participants are also appraising the recent development in banking supervision within member countries as well as the recent global financial crisis.

Addressing participants at the opening ceremony, the host, the Governor of BEAC, Lucas Abaga Nchama, who doubles as the President of the Banking Commission of Central Africa (COBAC), said the meeting offers participants the opportunity to examine better ways of supervising banking activities as well as the evolution of the financial environment and rules within member countries. Coming on the heels of the global economic crises, which analysts blame, among others, on the not-so-efficient control of banking risks and inadequate system of supervising banking activities, Mr Abaga Nchama, like the Secretary General of COBAC, Idriss Ahmed Idriss, urged CSBAOC members to device better supervisory mechanisms that could subsequently nib related crisis in the bud. To better arm loan institutions in the CEMAC region to effectively cover their risks and stand the test of time, Mr Abaga Nchama disclosed that the regional supervisory organ recently reviewed its level of required minimum social capital which now stands at FCFA 10 billion for banks and FCFA 2 billion for other financial institutions.

The election and installation of a new CSBAOC President, the examination and adoption of his plan of action, the process of ratifying the committee’s charter as well as the management of the committee’s website also feature prominently on the agenda. Since creation in April 1994 in Accra, Ghana, the multi-national committee has been organising training workshops to build the capacities of members as well as harmonise standards to ensure efficiency in banking operations and supervision in the sub-region. The meeting ends this afternoon.