FSB Regional Consultative Group for Sub

The Financial Stability Board (FSB) Regional Consultative Group for Sub-Saharan Africa (RCG SSA) met on 16-17 July 2026 in Mauritius, hosted by the Bank of Mauritius. The meeting brought together senior officials from central banks, financial authorities, and regulatory bodies in the region to discuss key financial stability topics. Co-chaired by Lesetja Kganyago, Governor of the South African Reserve Bank, and Denny Kalyalya, Governor of the Bank of Zambia, the meeting covered a range of topics, including:
- global and regional financial vulnerabilities;
- challenges and solutions for cross-border payments;
- perspectives on global stablecoin arrangements and their implications for the region; and
- vulnerabilities from extreme weather events and their impact on financial stability.
Members also discussed the FSB’s 2026 work priorities and regional contributions.

Facts Only

* The meeting was held on July 16-17, 2026.
* The event took place in Mauritius, hosted by the Bank of Mauritius.
* Participants included senior officials from central banks, financial authorities, and regulatory bodies in Sub-Saharan Africa.
* Co-chairs were Lesetja Kganyago, Governor of the South African Reserve Bank, and Denny Kalyalya, Governor of the Bank of Zambia.
* Discussion topics covered global and regional financial vulnerabilities.
* The meeting addressed challenges and solutions for cross-border payments.
* Participants discussed perspectives on global stablecoin arrangements and their regional implications.
* Vulnerabilities from extreme weather events and their impact on financial stability were reviewed.
* Members discussed the FSB’s 2026 work priorities and regional contributions.

Executive Summary

The Financial Stability Board Regional Consultative Group for Sub-Saharan Africa (RCG SSA) met on July 16-17, 2026, in Mauritius, hosted by the Bank of Mauritius. Senior officials from central banks, financial authorities, and regulatory bodies participated in discussions regarding key financial stability matters for the region. The agenda included examining global and regional financial vulnerabilities, challenges and solutions related to cross-border payments, perspectives on global stablecoin arrangements and their regional implications, and vulnerabilities stemming from extreme weather events. Additionally, members reviewed the FSB’s 2026 work priorities and regional contributions.

Full Take

The assembly of regional financial authorities focused on integrating disparate risks—from cross-border payments and digital asset frameworks to physical climate impacts—into a cohesive stability assessment. The structure of the agenda suggests an effort to harmonize regulatory responses across multiple, complex vectors simultaneously. A key pattern emerging is the prioritization of systemic interconnectedness: stablecoins, cross-border flows, and environmental shocks are treated not as isolated issues but as facets of unified financial fragility. This implies that effective regional resilience depends on solving these challenges through coordinated action rather than siloed national responses. The co-chairing by senior central bank governors signals an acknowledgement that the solution requires high-level institutional alignment, moving beyond mere policy discussion to addressing shared operational realities. The unstated implication is whether the established frameworks for cross-border payments and financial regulation are sufficiently agile to address novel threats like decentralized digital finance and physical climate risk simultaneously, or if this meeting primarily serves as a forum to synchronize existing, potentially insufficient, national risk management strategies. What institutional mechanisms must be established to ensure that regional contributions translate into unified, actionable policy responses regarding these interwoven vulnerabilities?