The West African Institute for Financial and Economic Management (WAIFEM) was established on July 22, 1996 by the Central Banks of the Anglophone West African Countries namely:
- The Gambia
- Ghana
- Liberia
- Nigeria
- Sierra Leone
Since 2012, the Republic of Guinea has an observer status in membership of the Institute.
The Institute became operational in January 1997 with diplomatic status under the Headquarters Agreement with the Government of the Federal Republic of Nigeria on June 19, 1998.