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.