CAIRO – 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 signing ceremony, which took place at the Seamless North Africa
2023 conference at the Egypt International Exhibition Center, Cairo, on
July 17 – 18, 2023, comes after a series of engagements on issues
around payment systems, financial technology, and financial inclusion in
Speaking at the event, the CBN Deputy Governor, Financial System
Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said
that the Bank was extremely excited by the partnership with the Central
Bank of Egypt, which followed several months of engagement on
payments, fintech and financial inclusion.
“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,” Mrs. Ahmad declared.
Also speaking, the Deputy Governor of the Bank of Egypt, Mr. Rami
Aboulnaga, commended the MOU and expressed optimism that the
partnership would yield the desired expectation.
The groundbreaking partnership 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 Central Bank of Egypt and had in
attendance over 4,000 policymakers, payment service providers,
financial institutions and technology startups from Egypt, Nigeria and
across the African continent.