The African Development Bank (AfDB) and the Financial Markets Authority of the West African Monetary Union (Amf-Umoa) have signed the grant agreement letter for phase 2 of the regional financial market development support project (Padmafir II). This component will essentially make it possible to draw up a financial code for the region.

The development of a financial code responds in part to a weakness identified in the framework of the Union's Financial Sector Assessment Programme. Thus, according to Badanam Patoki, president of the AMF, this phase of Padmafir will benefit all market players since it aims to modernize the regulatory framework of the financial market and to continue its structural transformation.

Padmafir II is structured around two components, the first of which will consist of support for the modernization of the regulatory framework of the regional financial market and the second of support for coordination and project management.