The financial system comprises financial institutions, markets and infrastructure. Financial Market Infrastructure (FMI) refers to the critically important channels for providing clearing, settlement and recording of monetary and other financial transactions. The financial infrastructure is the core component of the financial system and its effective functioning is a precondition for the system’s viability. The financial infrastructure is therefore made up of technical systems through which payments are made and transactions settled.

Payment systems are widely recognised as an important part of the financial infrastructure of the modern economy. They facilitate trade, promote the efficient functioning and integration of markets as well as support the effective implementation of monetary policy

Payment systems have undergone tremendous reforms and restructuring over the years, either in terms of the services provided or the payment infrastructure through financial innovations. The focus on payment systems is because of their wide recognition as an important segment of the financial infrastructure of modern economies. Countries have introduced mechanisms such as Real Time Gross Settlement (RTGS) system which is suited for high - volume, high - value transactions. It lowers settlement risk, besides giving an accurate picture of an institution’s account at any point in time. The RTGS system is increasingly one of the most reliable systems of settling transactions at the end of a determined period or day, also known as the Net Settlement System. In addition to the RTGS Systems, most financial institutions have also moved into the Cards Business with the aim of streamlining and enhancing the payment systems. This caters for the processing and settlement of retail transactions. However, the West African sub-region is faced with the challenges of linking up national payment platforms, both at the wholesale and retail levels. This and related payment and settlement issues will be explored during the course.

On the basis of the type of settlement adopted, payment systems can be classified into two types: Net Periodic Settlement System and Real Time Gross Settlement System (RTGS). The latter system has been acclaimed internationally as being efficient. It is necessary for WAIFEM member countries to adopt best practices particularly as the monetary integration initiative of WAMZ countries requires the harmonnisation of payments and settlement systems of member countries. Notable strides have been made by some member countries in implementing the Real Time Gross Settlement (RTGS) System. However some other member countries are at different levels in the preparatory stages to implement RTGS.

The course is designed to give participants an appreciable understanding of payments systems in general including policy and risk issues. It will also provide participants with an understanding of Real Time Gross Settlement. The course would also provide a platform for a review of developments in member countries of WAIFEM regarding the introduction of RTGS systems and to share experiences.

The specific objectives are to assist participants to:

• • improve their understanding of the payment, clearing and settlement system;
• • deepen understanding of the operational working of the RTGS system;
• • upgrade their skills in dealing with operation of accounts, maintenance of liquidity and use of collaterals on the business day of the RTGS system;
• • strengthen their analytical capacity to evaluate and manage risks inherent in the system;
• • improve skills for efficient performance of over-sight functions of the RTGS system;
• • review developments and trends in the RTGS systems and how they are being addressed by central banks and other payment systems institutions around the world; and
• improve understanding of the retail payments systems operated by businesses around the world.

The course is targeted at senior/middle level staff working in the banking services departments, payment systems oversight and finance and technology (fintech) departments of central banks, deposit money banks, and other relevant institutions with similar responsibilities. Also, staff with experience in the operations and oversight of financial market infrastructure (FMI), national switches, such as payment systems, securities settlement systems, and central securities depositories are eligible to attend the course.

In the light of the recent global financial crisis, discussions have been in different fora globally about the subsisting regulatory practices and the future of financial regulation and supervision. Many have called for fundamental rethinking on macroeconomic, monetary and financial sector policies to meet the new challenges and realities. A greater chunk of these ideas entail a structural shift in the international financial architecture and a potentially enhanced degree of coordination among monetary authorities and regulators.

The banking industry within the context of the international financial system is witnessing tremendous changes which have accentuated the need to evolve legislation systems, procedures and appropriate financial health assessment mechanisms to contain the complexity of risk inherent in the system. This dynamism in the financial sector requires enhancing the executive capacity of regulators and supervisors to enable them keep abreast of current developments in the global banking industry and be able to manage the process, and also ensure a stable, effective and efficient financial system that is anchored on sound and strong regulatory structure.

The course is designed to assist participants to appreciate the need for financial stability and enhance their ability to limit the risk of systemic failure through various reform measures. In addition, the course will assist participants to understand and effectively implement the resolution process.

The themes to be covered include:

• • Core Principles in Banking Supervision – Self Assessment Process and Procedures: The Ghanaian Experience.
• • Risk-based Supervisory Approach: Cost; Benefits; and Implementation Challenges.
• • Basel II and Basel III: Issues and Challenges
• • Cross-border Supervision
• • Internal Controls Measures
• • Electronic Banking/IT Based Examination
• • Fundamentals of Bank Operations
• • Credit Risk and Credit Examination Procedure
• • Contingency Planning: Framework for Managing Systemic Banking Crisis
• • Safety Nets: The Case of Deposit Insurance Schemes, Asset Management Companies, etc
• • Report Writing Techniques
• • Banking Crisis and Supervisory Responses and

The course is targeted at senior/middle level staff of central banks, deposit money banks, audit firms and other supervisory agencies in the financial sector with considerable experience in examination and supervision of banks and non-bank financial institutions.

As a result of globalization, there is an increasing need to have universal accounting standards applicable to all jurisdictions. Such standards will engender harmonization of accounting frameworks and practices around the World. Through this achievement, evaluation of performances, adherence to best practices, comparison amongst similar players, etc is made possible.

According to International Financial Reporting Standards, (IFRS), the aim pursued through the preparation of financial statements is to “provide information about the financial position, the performance and changes in the financial position of an entity that is useful to a wide range of users in economic decision.

Given the fact that the economies of the countries in our sub-region are linked to the rest of the World, it is imperative that global accounting standards such as the IFRS forms the basis for accounting and financial management practices in our sub-region.

A key aspect of the West African Monetary Zone (WAMZ) project is the harmonization of standards, processes and procedures of the operational modalities of the member countries to enable the smooth establishment of the second monetary zone. The adoption of the IFRS by WAMZ member countries will not only reaffirm its leadership role in the interaction process but will ensure a seamless harmonization of accounting practices among countries of the Zone. It is in view of the above that a course on International Financial Reporting Standards is proposed.

Objectives

The objective of the course is to acquaint participants with the provisions of the International Financial Reporting Standards. The course will equip the participants with the necessary information and skills to advise and guide the process of migrating to IFRS.

The specific objectives of the course are to provide participants with:

• • an appreciation of the need for global standards in the reporting of financial positions and performances;
• • an appreciation of IFRS – its merits and advantages over the current reporting system;
• • an idea of the method of interpretation of financial statements prepared under IFRS system;
• • an understanding of the use of IFRS for policy making and key management decision;
• • an appreciation of implications for migration to IFRS – the required work plan, the training needs and cost implication; and
• • an understanding of the WAMZ programme and the adoption of IFRS by member states.

Broad Themes

• • The Need for International /Uniform Reporting;
• • Overview of Current Accounting Standards- Applications , Strengths and Weaknesses;
• • Introduction of IFRS, Concepts, Roadmaps & Challenges;
• • The Merit of IFRS over Current Accounting Standard;
• • Framework for the Preparation and Presentation of Financial Statements (IASB Framework);
• • Presentation of Financial Statement (IAS 1);
• • Disclosure Requirements under IFRS;
• • Accounting for Financial Instruments (An Introduction);
• • Accounting for Non-Financial Assets;
• • Accounting for Non-Financial Liabilities; and
• • Application of IFRS.

Who May Attend

The course is targeted at Financial executives, Accountants, Auditors, Financial analysts in central banks, core economic and finance ministries, other related ministries and parastatals, and private sector.

The financial industry has embarked on harnessing technology to its advantage, through the adoption of sophisticated financial innovations that enable the execution of transactions without human intervention. Some of the innovations are characterized by the melding of financial products and services (finance) and technology, to become what is known as FinTech solutions. This resulted in technology that facilitates the generation and distribution of products and services in a manner that gradually alters the way consumers interact with financial institutions. For instance, banking in some cases requires no physical presence of the customer, but rather executed through online access or through virtual banking. In effect, FinTech products and services offer increasingly innovative solutions to the altered consumer habits. Consequently, some conventional banks have established cooperation with FinTech partners in the interest of gaining the ability to meet the expectations of a growing number of existing and potential users, in keeping with the appropriate quality standards.

Financial technology (FinTech) is complemented by artificial intelligence (AI), and most importantly, machine learning (ML), which provides a platform for analysis of complicated data and use of algorithms in executing complex financial transactions. Machine Learning is the branch of artificial intelligence (AI) that systematically applies algorithms to synthesize the underlying relationships among data and information. For example, ML systems can be configured for automatic speech recognition systems, (such as iPhone’s Siri), or algorithms in stock exchanges. It has already received widespread application in web search, high frequency trading in stock market operations, weather forecasting, big data analytics etc.

The above innovations are generally considered disruptive technologies, due to their ability to alter the way consumers, industries, and businesses operate, by replacing human intervention with automated and more efficient procedures.

The overall aim of this course is to introduce participants to the concepts of AI and FinTech and their application in the financial industry. Specific objectives are as follows:

• • Understanding the concepts of FinTech, AI
• • Determine the current application of technology in our financial systems
• • Explore the various methods of adoption of FinTech and AI, as well as cost implications
• • Equip participants with knowledge of the key concepts and procedures required for melding technology and finance for the benefit of consumers.
• • Sensitize participants on the need to share the knowledge gained with key personnel of their institutions, with a view to encouraging the harnessing of technology in the financial industry as appropriate.

The broad themes to be covered at the course include: • Overview of FinTech and its applications; • Introduction to AI and ML; • Types of products and services delivered through FinTech, including: o Crypto currency; o Block chain technology; o Electronic payment services; o Mobile financial services; o Cheque processing services; • Types of products and services delivered through AI and ML, including: o Big data analytics; o High frequency stock trading services; o algorithms in executing complex financial transactions; • Technological challenges in Africa inhibiting adoption of disruptive technologies; • Licensing challenges in FinTech and AI oriented products and services; • The issue of big data and advanced analytics through AI and ML; • The role of the regulator in relation to FinTech, AI and ML; • FinTech and AI in relation to the future of the financial industry; • Inter-operability of modern payment systems infrastructure, challenges and the way forward; • Legal initiatives relating to FinTech, AI and ML; and • Challenges of supervision of disruptive technologies (FinTech, AI) in the financial industry.

The course is targeted at senior/middle level officials of central banks, financial regulatory/supervisory staff and agencies, deposit money banks, core economic and finance ministries and other financial institutions.