CBN, Egypt Central Bank Sign MoU to Deepen Payment Systems, Financial Inclusion

James Emejo in Abuja

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 move which seeks to accelerate financial inclusion, deepen Nigeria’s payment systems and drive economic growth across the African continent, followed a series of engagements between both parties.

Speaking at the ceremony, which took place at the Seamless North Africa 2023 Conference at the Egypt International Exhibition Center, Cairo, CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said the apex bank was extremely excited over the partnership with the CBE after months of engagement.

In a statement, she said, “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.”

The Deputy Governor, 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 both countries and across the continent.