At a recent gathering of business leaders across Francophone West Africa, one demand kept rising to the top: make it easier to move money across borders. Executives and entrepreneurs from the region came together to call for financial regulations that actually work in sync with one another, rather than the patchwork of rules that currently slow trade and commerce down.
The core asks were straightforward. Leaders want harmonised financial regulations, better access to settlement accounts, and a commitment to ongoing dialogue between the private sector and the institutions that set the rules. Right now, the inconsistencies between national frameworks are creating friction that costs businesses real time and real money.
Cross-border payments in West Africa have long been a pain point, even within the WAEMU zone where a shared currency already exists. The challenge is not just about technology or infrastructure. It is about regulatory alignment, and business leaders are making clear they are done waiting for that conversation to happen on its own.
What comes next depends on whether regulators are ready to meet the private sector halfway. The calls have been made. The question now is who is listening.
Originally published by BusinessDay.