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Economy

Nigeria, Egypt Central Banks Sign Fintech Partnership

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: July 18, 2023
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The Deputy Governor in charge of Financial System Stability (FSS) at the Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad (left) and her counterpart at the Central Bank of Egypt (CBE), Mr. Rami Aboulnaga, at the signing of the Memorandum of Understanding (MOU) establishing the Nigeria-Egypt Fintech Bridge, in Cairo, Egypt, on Monday, July 17, 2023.
The Deputy Governor in charge of Financial System Stability (FSS) at the Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad (left) and her counterpart at the Central Bank of Egypt (CBE), Mr. Rami Aboulnaga, at the signing of the Memorandum of Understanding (MOU) establishing the Nigeria-Egypt Fintech Bridge, in Cairo, Egypt, on Monday, July 17, 2023.
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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 was signed at the Seamless North Africa 2023 conference held in Cairo, Egypt on July 17-18, 2023. It comes after months of engagement between both countries on payment systems, fintech and financial inclusion in Africa.

At the signing ceremony, CBN Deputy Governor for Financial System Stability, Aishah Ahmad, expressed excitement over the partnership which will foster innovation and accelerate 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,” Ahmad remarked.

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CBE Deputy Governor Rami Aboulnaga also commended the MOU, hoping it will yield the expected outcomes.

The landmark partnership between the apex banks of Africa’s two biggest economies will promote collaborative regulatory projects, coordinated licensing frameworks, information sharing, fintech cross referrals and talent development.

The conference hosted by CBE attracted over 4,000 delegates including policymakers, payment firms, financial institutions and tech startups from across Africa.

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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