Ecowas Case Study
Chapter 4 Case study: ECOWAS Payment system
Our case study based on the Economic Community of West African States (ECOWAS). In the next part we expain the backgroung, mission, goal, and important part of institution/organization related to our thesis topic.
Based on websit of the organization, ECOWAS is of established on 28 May 1975 by 15 West African countries with a goal of promoting economic integration among its members. ECOWAS is considered and officially accepted as one of the regional pillars of the African Economic Community (AEC). Fifteen countries make the ECOWAS organization and the formation of this union was to achieve collective self-sufficiency for the member states by means of economic and monetary union creating a single large trading bloc which would see a massive trade expansion from the individual countries to the rest of the region. However, this notion was not the only goal for the formation. ECOWAS Summit of December 1999 agreed on a Protocol for the Establishment of a Mechanism for Conflict Prevention, Management and Resolution, Peace and Security. In the year 2000, five members formed the West African Monetary Zone (WAMZ) aiming to establish a strong stable currency, “eco”, to compete the CFA franc, whose exchange rate is tied to that of the euro and is
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A secondary, but nevertheless equally important objective is that the new payments systems satisfy internationally accepted standards and core principles and thus ensure a high level of user confidence in the WAEMU financial
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