Finally, I would like to use this opportunity to take stock of where the countries in SADC stand in the whole modernisation process and to share my views on a possible way forward from here. From the outset, however, I wish to clarify what I understand under the term ‘financial system’.
It is often interpreted as physical infrastructure such as clearing and settlement systems, but is in fact a much wider concept which encompasses the different financial markets, the legal and regulatory framework, role players, business processes, systems and technology required to provide, support and manage the financial system in a country. Why is it important to build financial infrastructure?