West Africa regional updates: ECOWAS currency goals and banking growth

West Africa is experiencing significant institutional and economic shifts. Within ECOWAS, a new leadership term has begun with a priority focus on reviving the roadmap for the single currency, the Eco, a goal supported by Senegalese President Bassirou Diomaye Faye.

In the financial sector, the UMOA Banking Commission has released reports highlighting both disciplinary actions against non-compliant institutions and strong performance from certain regional players. Notably, Mali’s Banque Malienne de Solidarité (BMS-SA) has emerged as a major regional leader, reporting over 1,000 billion CFA francs in deposits and a total balance sheet of 2,036 billion CFA francs for 2025.

Political developments are also active across the region. Guinea-Bissau is approaching a constitutional referendum, while The Gambia is debating the future of the ECOMIG security contingent. In Nigeria, security forces have been mobilized following mass kidnappings in the western part of the country.