To build productive resilience in the financial markets that defies global disruption, speakers at the Annual International Conference Meeting of the Africa and Middle East Depositories Association (AMEDA), held in Lagos, Nigeria, emphasised that collaboration between stakeholders is a key success factor.
At a panel session on the topic Resilience in Financial Markets: Preparing for Global Disruption, panellists highlighted the importance of interoperability and shared objectives among stakeholders.
According to Dr Okey Umeano, Acting Director of the Financial Markets Department at the Central Bank of Nigeria (CBN), collaboration between the public and private sectors requires shared objectives while setting aside commercial interests.
“The first is shared objectives, objectives like financial inclusion, security, among others. I mean, between the public sector and the private sector, there are areas where we have to find a way to keep commercial interests on the side and really work together. So we have to agree on, you know, the same objectives,” he said.
He noted that, on the part of regulators collaborating with the private sector, there must be structured governance systems that are flexible. He added that open communication techniques should be adopted, with transparent sharing mechanisms governing the collaboration.
Dr Umeano observed that for resilient financial markets, interoperability—where major stakeholders share systems—is essential.
“We don’t all have to go purchase very expensive systems, and then deploy very expensive infrastructure, and run them in silos. We must think of a way to get these things together and work on them together.
“I don’t see anything stopping, maybe CSDs and the regulator from having a system that enables them to watch the market; or the Stock Exchange, which actually watches operators in the market, and the regulator sharing systems. There’s a lot of room for collaboration,” he said.
Beverley Furman, Head of Operations and Change at STRATE, South Africa, stated that crises arising from disruption should serve as learning points for all. She emphasised the importance of sector collaboration forums where experiences are shared.
“I know sometimes it’s confidential because there’s a reputational risk, but that’s maybe something that a leader could do collectively—speak about the different scenario planning. We are so interconnected between CSD to CSD links, you know, dual-listed securities. We have participants that invest and settle in multiple jurisdictions, and when there is a process of a global nature, we are all going to be impacted,” she said.
Thus, she advocated collaborative efforts to instil confidence in respective global financial markets.
Earlier in his opening remarks, Haruna Jalo-Waziri, the Vice Chairman of AMEDA, said that as economies navigate complex disruptions—from rapid digital transformation and shifting demographics to geopolitical tensions and the climate crisis—there is a need to rethink the role of financial markets and the infrastructures that support them, not as silent enablers working behind the scenes, but as active drivers of economic realities.
He noted that across Africa and the Middle East, there is an imperative to build resilient markets, enable inclusive digital access, develop sustainable investment pathways, and drive cross-border integration.
In his keynote address, the Vice President of Nigeria, Kashim Shettima, urged participants to leverage the AMEDA platform to jointly build efficient, inclusive financial systems across Africa.
Speaking on collaboration, he said individuals must move beyond domestic thinking and embrace a shared regional vision to fully shape the future of finance. He explained that the African Continental Free Trade Area marked a defining moment with the potential to unite 54 countries into a single market of over 1.4 billion people.
According to him, the momentum to harmonise capital markets and expand cross-border investment is gaining traction.
“In Nigeria, we have introduced a regulatory framework for digital assets and enhanced legal instruments to support capital market development.
“These efforts are not isolated. In Nigeria, we are on an ambitious journey to grow our economy to one trillion dollars within the next decade.
“Achieving this vision requires not only sound policies but also enduring partnerships and the insights of brilliant minds like yours gathered here today.
“Let this gathering inspire us to build financial systems that are efficient, inclusive, and transparent. Systems that reward innovation, integrity, and courage, and that empower the young, the entrepreneurs, and the underserved,” he said.
The Africa and Middle East Depositories Association (AMEDA) is a leading non-profit organisation composed of Central Securities Depositories (CSDs) and Clearing Houses, collectively referred to as Financial Market Infrastructures (FMIs), operating across Africa and the Middle East.
Established in 2005, AMEDA has grown from a modest group of seven founding members to a robust network of 44 member institutions and associates across 32 countries—a reflection of its pivotal role in advancing financial market integrity, enhancing financial stability, mitigating risks, and fostering a secure investment climate.
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