Agreement Signed to Establish Pan-EAC Financial Service Providers' Council
A
Memorandum of Agreement on the collaboration amongst the EAC Financial
Services Providers has been signed at a meeting of the Pan-EAC Financial
Services Providers that was organized by the EAC Secretariat in Protea
Countryard Hotel in Dar es Saalam, Tanzania
on 25th – 27th February, 2013. The meeting was attended by
representatives from banking, insurance, pensions, capital markets,
Savings banks and microfinance sectors.
The established Pan-EAC Financial Services Providers’ Council shall comprise of the following: East African Insurers’ Association, East African Bankers’ Association, East African Securities Exchange Association, Stock Brokers’ Associations, East Africa Microfinance Network, Association of Savings Banks for East Africa, the East and Central Africa Social Security Association and any other Financial Sector National Organizations.
The establishment of the Pan-EAC Council is in response to the advancements made in the financial sector in developing products that are beneficial to the integration process (including mobile money transfers, cross-border banking, among others) and in recognition of the efforts so far undertaken by the Partner States in facilitating the national business associations to establish their presence at a regional level.
Overall, the Pan-EAC Council aims at achieving development and integration of the financial sector within the region, improving trade amongst Partner States and ensuring access of financial services to all within the EAC region. The objectives of the Pan-EAC Council include, but are not limited to: making contribution to the development of the regional financial sector policy formulation, fostering participation in discussion / reviews of policy/ regulatory frameworks relating to the financial sector.
In his opening remarks, the EAC DSG (F&I), Dr. Enos Bukuku recognized the vital role played by the Financial Sector Providers in championing the aspirations of the Common Market Protocol through inclusion and strengthening of Market Participants and ensuring improved service delivery as well as diversifying innovation of products.
He implored members of the forum to strengthen their capacity to operate and develop the already established regional financial cooperation frameworks under the umbrella support of the EAC Financial Sector Development and Regionalisation Project (FSDRP) more effectively in order to reduce the effects of overlapping of agendas due to the diversification of national forums.
Dr. Bukuku, who witnessed the signing of the Memorandum of Agreement, was accompanied by the EAC Director of Planning, Mr. Tharcisse Kadede, the Project Manager-FSDRP, Ms. Angela Katama and the FSDRP Resource Mobilization Specialist, Mr. Godfrey Kazinduka.
The established Pan-EAC Financial Services Providers’ Council shall comprise of the following: East African Insurers’ Association, East African Bankers’ Association, East African Securities Exchange Association, Stock Brokers’ Associations, East Africa Microfinance Network, Association of Savings Banks for East Africa, the East and Central Africa Social Security Association and any other Financial Sector National Organizations.
The establishment of the Pan-EAC Council is in response to the advancements made in the financial sector in developing products that are beneficial to the integration process (including mobile money transfers, cross-border banking, among others) and in recognition of the efforts so far undertaken by the Partner States in facilitating the national business associations to establish their presence at a regional level.
Overall, the Pan-EAC Council aims at achieving development and integration of the financial sector within the region, improving trade amongst Partner States and ensuring access of financial services to all within the EAC region. The objectives of the Pan-EAC Council include, but are not limited to: making contribution to the development of the regional financial sector policy formulation, fostering participation in discussion / reviews of policy/ regulatory frameworks relating to the financial sector.
In his opening remarks, the EAC DSG (F&I), Dr. Enos Bukuku recognized the vital role played by the Financial Sector Providers in championing the aspirations of the Common Market Protocol through inclusion and strengthening of Market Participants and ensuring improved service delivery as well as diversifying innovation of products.
He implored members of the forum to strengthen their capacity to operate and develop the already established regional financial cooperation frameworks under the umbrella support of the EAC Financial Sector Development and Regionalisation Project (FSDRP) more effectively in order to reduce the effects of overlapping of agendas due to the diversification of national forums.
Dr. Bukuku, who witnessed the signing of the Memorandum of Agreement, was accompanied by the EAC Director of Planning, Mr. Tharcisse Kadede, the Project Manager-FSDRP, Ms. Angela Katama and the FSDRP Resource Mobilization Specialist, Mr. Godfrey Kazinduka.
Dr.
Bukuku shaking hands with Mr. Habil Olaka, Chairperson of the Pan-EAC
Financial Services Providers Council while Mr. Stephen Mukweli (Managing
Director, PostBank Uganda) who chaired the meeting looks on.
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