The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have taken a significant step towards strengthening Nigeria’s digital economy. They recently signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt FinTech Bridge. This milestone was marked at the Seamless North Africa 2023 conference in Cairo on July 17 – 18, 2023, following extensive discussions on payment systems, financial technology, and financial inclusion in Africa.
Mrs. Aishah Ahmad, the CBN Deputy Governor of Financial System Stability, expressed enthusiasm about the partnership, emphasizing the months of engagement on payments, fintech, and financial inclusion. She stated that the collaboration with the Central Bank of Egypt will create an innovative space for fintech startups and entrepreneurs in both countries, promoting financial inclusion, enhancing payment systems, and driving economic growth throughout Africa.
Mr. Rami Aboulnaga, the Deputy Governor of the Bank of Egypt, also lauded the MOU, expressing confidence in the partnership’s potential to meet expectations. This collaboration between the apex banks of Nigeria and Egypt encompasses various joint initiatives, such as regulatory innovation projects, coordinated licensing and supervision frameworks, information sharing, fintech referrals, and talent development.
The conference, hosted by the Central Bank of Egypt, gathered more than 4,000 policymakers, payment service providers, financial institutions, and technology startups from Egypt, Nigeria, and across Africa.