The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have inked an agreement to build a Nigeria-Egypt FinTech Bridge. The signing event, which took place on July 17 – 18, 2023, at the Egypt International Exhibition Center in Cairo, came after a series of engagements on payment systems, financial technology, and financial inclusion in Africa.
Mrs. Aishah Ahmad, deputy governor, Financial System Stability, CBN, who signed on behalf of the CBN, stated at the event that the bank was extremely excited by the partnership with the Central Bank of Egypt, which came after several months of engagement on payments, fintech, and financial inclusion.
“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria in order to accelerate financial inclusion, deepen our payment systems, and drive economic growth across the African Continent,” Ahmad said.
Mr. Rami Aboulnaga, deputy governor of the Bank of Egypt, also spoke and praised the MOU, expressing optimism that the partnership would provide the intended results. The ground-breaking collaboration between the apex banks of Africa’s two largest economies includes a wide range of collaborative initiatives, such as joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development.
The Central Bank of Egypt organized the conference, which drew over 4,000 officials, payment service providers, financial institutions, and technological experts across the African continent.