Africa: Central Banks of Nigeria and Egypt Forge Fintech Bridge Partnership

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt have joined forces by signing a memorandum of understanding to establish a Nigeria-Egypt FinTech Bridge.

The signing ceremony took place during the Seamless North Africa 2023 conference at the Egypt International Exhibition Center in Cairo on Monday (July 17, 2023). The partnership comes after a series of engagements focused on payment systems, financial technology, and financial inclusion in Africa.

Mrs. Aishah Ahmad, the CBN Deputy Governor of Financial System Stability, expressed her enthusiasm for the collaboration with the Central Bank of Egypt. She emphasized that the CBN looks forward to creating an innovative space for fintech startups and entrepreneurs in both Egypt and Nigeria. The goal is to accelerate financial inclusion, enhance payment systems, and drive economic growth across the African continent.

Mr. Rami Aboulnaga, Deputy Governor of the Bank of Egypt, commended the memorandum of understanding (MOU) and expressed optimism that the partnership would yield the desired outcomes.

The groundbreaking partnership between the two apex banks of the largest economies in Africa encompasses a wide range of collaborative initiatives. These initiatives include joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development, as stated in the announcement.

The Nigeria-Egypt FinTech Bridge aims to foster collaboration and knowledge exchange between the two countries, creating an enabling environment for the growth and advancement of fintech ecosystems.