The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have inked a memorandum of understanding (MOU) to establish a Nigeria-Egypt FinTech Bridge.

RELATED: CBN to close millions of bank accounts not linked to BVN

Signed at the Seamless North Africa 2023 conference at the Egypt International Exhibition Center, Cairo, the deal is coming after a series of meetings around payment systems, financial technology, and financial inclusion in Africa.

“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,” said Deputy Governor, Financial System Stability, CBN, Mrs. Aishah Ahmad.

Deputy Governor of the Bank of Egypt, Mr. Rami Aboulnaga, 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.

Over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent attended the event hosted by the CBN.



More in News

You may also like