Origin and Development
In an attempt to remove the problems which hinder effective trade and commercial activities among West African countries, and also to promote efficient banking facilities and operation in a given region, a clearing house was needed.
On the basis of this arrangement, the governors of the Central Banks in West Africa agreed to establish a clearing house. In 1976, the West African Union was formed. The Union has 15 countries with 10 Central Banks as members. This shows that most member countries of ECOWAS were served by this clearing house. Its head office is in Freetown, Sierra Leone.