The MoU entails exchange of experience between the two associations, including training in the banking sphere, developing new technologies and implementing other programs aimed at supporting the cooperation between Russia and African countries in the field of finance.
"According to our surveys, Russian banks stress the importance of establishing contacts and interbank cooperation for developing economic relations with African countries. We hope that our joint efforts will be conducive to increasing trade and direct settlements between Russia and West African nations, as wells as promote the use of national currencies", said Association of Banks of Russia President Mr. Georgy Luntovskiy at the MoU signing ceremony.
WABA President Dr. Guy Laurent Fondjo also expressed his hope that the cooperation between the associations would strengthen the ties between Russia and African countries in both financial and economic spheres, praising the high level of technological development in Russia’s financial sector. According to Dr. Fondjo, African banks were keenly interested in these achievements, since new technologies help spur the development of the banking sphere.
Guy Laurent Fondjo stated with confidence that many West African banks were willing to cooperate with Russian credit institutions, while Russian companies explored the opportunities for investing into African countries. "We expect an increase in investments into Africa, however, we are also ready to make investments into the Russian economy."
Founded in 1990, the Association of Banks of Russia includes more than 200 banks, financial institutions, and IT companies. The Association’s member banks account for more than 90% of Russia’s banking assets.
The West African Bankers’ Association (WABA) unites credit institutions, financial market companies, and national banking associations. WABA was established under the auspices of ECOWAS, which includes 15 countries. Over 240 banks are currently active in the ECOWAS states.
