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Financial Sector Integration in Three Regions of Africa

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Financial Sector Integration in Three Regions of Africa FINANCIAL SECTOR INTEGRATION IN THREE REGIONS OF AFRICA How Regional Financial Integration Can Support Growth, Development, and Poverty Reduction TABLE OF CONTENTS LIST OF TABLES ........................................................................................................................... iv LIST OF APPENDICES .................................................................................................................... v LIST OF FIGURES ........................................................................................................................... v ABBREVIATIONS .......................................................................................................................... vi FOREWORD ................................................................................................................................. viii ACKNOWLEDGMENTS ................................................................................................................. ix EXECUTIVE SUMMARY ................................................................................................................ x 1. INTRODUCTION................................................................................................................ 1 2. REGIONAL FINANCIAL INTEGRATION: A GENERIC ROADMAP ...................... 4 2.1 Introduction ...................................................................................................................... 4 2.2 Incentives toward Regional Financial Integration ........................................................... 5 2.3 The EU and ASEAN Experiences – Lessons for Africa .................................................. 8 2.4 Stages of the RFI Generic Roadmap ............................................................................. 10 3. THE COMMON MARKET FOR EASTERN AND SOUTHERN AFRICA ............... 16 3.2 History of COMESA and the Path to Regional Integration ........................................... 18 3.3 Obstacles to Regional Financial Integration .................................................................. 21 3.4. Structure of the COMESA Financial Sector .................................................................. 23 3.4.1 The Banking Sector ................................................................................................. 24 3.4.3 Securities Markets ................................................................................................... 28 3.4.4 Non-banking Financial Institutions, Pensions and Insurance ................................ 31 3.5 Status of the Supporting Financial Infrastructure ......................................................... 32 3.5.1 Supervision and Regulation of the Banking Sector................................................. 32 3.5.2 Supervision and Regulation of the Non-banking Sector ......................................... 33 3.5.3 Legal Supervisory Framework for the Financial Sector ........................................ 34 3.5.4 Payment and Settlement Systems ............................................................................ 35 3.5.5 Information Systems for Regional Financial Integration ....................................... 36 3.6 Assessment of COMESA’s Progress toward Financial Sector Integration.................... 38 3.7 Role of Development Partners Going Forward .............................................................. 43 4. ARAB MAGHREB UNION .............................................................................................. 50 4.1 Introduction .................................................................................................................... 50 4.2 Macroeconomic Context ................................................................................................ 51 4.3 History of the UMA and the Path to Regional Integration ............................................ 52 4.4 Structure of the Financial Sector .................................................................................... 54 4.4.1 The Banking Sector ................................................................................................. 54 4.4.2 Non-banking Financial Sector: Pension Funds and Insurance Companies ........... 55 4.4.3 Securities Markets ................................................................................................... 56 4.5 Status of the Supporting Financial Sector Infrastructure .............................................. 57 4.5.1 Supervision and Regulation of the Banking Sector................................................. 57 4.5.2 Supervision and Regulation of the Non-Banking Financial Sector ........................ 60 4.5.3 Supervision and Regulation of the Securities Markets ........................................... 60 4.5.4 Reform and Regulation of Payments and Settlements Systems ............................... 60 4.5.5 Legal Supervisory Framework for the Financial Sector ........................................ 61 ii 4.5.6 Information Systems for Financial Sector Regulation ............................................ 61 4.6 Assessment of UMA’s Progress toward Financial Sector Integration ........................... 62 4.7 Role of the Development Partners Going Forward ........................................................ 66 5. CENTRAL AFRICAN ECONOMIC AND MONETARY COMMUNITY .................. 74 5.1 Introduction .................................................................................................................... 74 5.2 Macroeconomic Context ................................................................................................ 75 5.3 History of CEMAC and the Path to Regional Integration ............................................. 77 5.4 Institutional Framework ................................................................................................. 78 5.5 Structure of the Financial System .................................................................................. 80 5.5.1 The Banking Sector ................................................................................................. 81 5.5.2 The Non-banking Financial Sector ......................................................................... 88 5.5.3 Securities Markets ................................................................................................... 91 5.6 Status of the Supporting Financial Infrastructure .......................................................... 91 5.6.1 Supervision and Regulation of the Financial Sector .............................................. 92 5.6.3 Regulation of the Information Systems ................................................................... 92 5.6.4 Payment and Settlement Systems ............................................................................ 93 5.6.5 Legal Supervisory Framework ................................................................................ 93 5.7 Assessment of CEMAC’s Progress toward Financial Sector Integration ...................... 94 5.8 Obstacles to Regional Financial Integration .................................................................. 95 5.9 Role of Development Partners Going Forward .............................................................. 96 5.9.1 Coordination of National and Regional Strategies ................................................ 97 5.9.2 Financing of Regional Operations.......................................................................... 97 5.9.3 Technical Assistance and Capacity Building .......................................................... 98 5.10 Conclusions and Recommendations ......................................................................... 100 6 CONCLUSIONS AND RECOMMENDATIONS .......................................................... 118 6.1 Common Characteristics and Differences between the Three Regions ....................... 118 6.2 Implications of the Global Financial Crisis for Regional Financial Integration .......... 119 6.3 Supporting the Process of RFI ..................................................................................... 120 6.3.1 Areas of Intervention by Development Partners ................................................... 120 EPILOGUE ............................................................................................................................... 122 BIBLIOGRAPHY ..................................................................................................................... 130 iii LIST OF TABLES 2.1 Regional Financial Integration: A Generic Roadmap 12 3.1 COMESA: Selected Variables, 2005-07 Averages 18 3.2 COMESA: Intraregional Trade Flows, 2003-06 19 3.3 COMESA: Interlinked Relationships 22 3.4 COMESA: Banking Soundness, 2005 25 3.5 COMESA: Banking Sector Structure, 2005 26 3.6 COMESA: Representation of Major International Banks, 2007 27 3.7 COMESA: Stock Exchanges, 2005 29 3.8 COMESA: Exchange Controls 31 3.9 COMESA: Structure of Non-Bank Financial Institutions, 2004 32 3.10 COMESA: Selected Indicators for Information & Payments Systems, 2005 36 3.11 COMESA: Stages of Country Preparedness for RFI 40 3.12 COMESA: Implementation of Action Plan by RFI Stages 42 4.1 UMA: Selected Variables, 2005-07 52 4.2 UMA: Financial System Structure, 2006 54 4.3 UMA: Stock Markets, 2007 57 4.4 UMA: Financial Soundness of Commercial Banks, 2005 58 4.5 UMA: Compliance with Basel Core Principles 58 4.6 UMA: Stages of Country Preparedness for RFI 63 5.1 CEMAC: General Characteristics of Member Countries, 2006
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