Mauritius collaborates with Nigeria to reinforce cross border banking supervision
The signing of this agreement brings to 15 the number of MoUs which the Bank of Mauritius has signed with foreign counterparts in its quest to promote cross border cooperation and coordination, where the last one signed was with Zimbabwe, less than a week ago. (Image: Bank of Mauritius)
Mauritius is increasingly collaborating with central banks in Africa, as the island economy strengthens its footing as a regional financial hub, with the most recent bank to tie up with the Bank of Mauritius being the Central Bank of Nigeria, following closely on the heels of the Reserve Bank of Zimbabwe.
The Bank of Mauritius governor, Rundheersing Bheenick, came together with the governor of the Central Bank of Nigeria, Godwin Emefiele, to sign yesterday, December 04, 2014, a Memorandum of Understanding (MoU) to establish a collaborative framework for supervisory cooperation and information sharing between the two central banks.
The signature ceremony was held at the Bank of Mauritius in the sidelines of the meeting of the Bureau of the Association of African Central Banks, which was chaired by Governor Bheenick.
The MoU establishes a formal basis for cooperation and collaboration in the regulation and supervision of banking institutions, and paves the way for the Bank of Mauritius and the Central Bank of Nigeria to establish and promote bilateral ties in implementing cross border banking supervision.
“It is important for regulators to establish strong international and regional networks to encourage collaboration and the sharing of supervisory information. We are pleased to sign this Memorandum of Understanding with the Central Bank of Nigeria and look forward to working closely on areas of common regulatory interest,” stated Governor Bheenick on the momentous occasion.
The signing of this agreement brings to 15 the number of MoUs which the Bank of Mauritius has signed with foreign counterparts in its quest to promote cross border cooperation and coordination, where the last one signed was with Zimbabwe, less than a week ago.
The Bank of Mauritius remains committed to enhance its network of cooperation with other domestic and foreign counterpart institutions. As of date, it has signed MoUs with seven local agencies and institutions which aim at strengthening and facilitating cooperation between them.