Cairo, Egypt – In a significant move aimed at accelerating financial inclusion and driving economic growth across Africa, the Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have officially signed a Memorandum of Understanding (MoU) to establish a Nigeria-Egypt Fintech Bridge. The partnership, which encompasses a range of collaborative initiatives, seeks to deepen Nigeria’s payment systems and foster an innovative space for fintech startups and entrepreneurs in both countries.
The signing ceremony took place at the esteemed Seamless North Africa 2023 Conference, held at the Egypt International Exhibition Center. Mrs. Aishah Ahmad, Deputy Governor of the CBN, expressed her excitement over the partnership, highlighting the months of engagement that led to this significant milestone. She emphasized the potential of the collaboration to drive financial inclusion and economic growth 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,” stated Mrs. Aishah Ahmad.
Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, praised the MoU and expressed optimism that the partnership would deliver the desired outcomes.
This groundbreaking collaboration between the apex banks of Nigeria and Egypt encompasses various joint initiatives. These include regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development.
The Seamless North Africa 2023 Conference, hosted by the Central Bank of Egypt, drew over 4,000 policymakers, payment service providers, financial institutions, and technology startups from Nigeria, Egypt, and across the continent. The event provided a platform for stakeholders to exchange knowledge, explore opportunities, and drive advancements in the fintech landscape of Africa.
