The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt FinTech Bridge.
The MoU signing ceremony by the two apex banks, which held at the Seamless North Africa 2023 conference at the Egypt International Exhibition Center, Cairo, on July 17 – 18, 2023, came after a series of engagements between them on issues around payment systems, financial technology, and financial inclusion in Africa.
Commenting on the epochal event, the CBN Deputy Governor, Financial System Stability, Mrs. Aisha Ahmad, who signed on behalf of the CBN, said that the bank was excited by the partnership with the CBE, which would significantly enhance payments, fintech and financial inclusion.
The banker said: “We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African continent.
Similarly, the Deputy Governor of the Bank of Egypt, Mr. Rami Aboulnaga, expressed optimism that the partnership of the regulatory monetary institutions would yield the desired results, in terms of benefits to the two countries and indeed, Africa’s financial system.
The MoU between the apex banks of the two largest economies in Africa encompasses a broad range of collaborative initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals and talent development.
The conference was hosted by the CBE and had in attendance over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent.
