Central Banks Of Nigeria, Egypt To Partner On FinTech Bridge

Photo Caption: Deputy Governor in charge of Financial System Stability (FSS) at the Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad (left) and her counterpart at the Central Bank of Egypt (CBE), Mr. Rami Aboulnaga, at the signing of the Memorandum of Understanding (MOU) establishing the Nigeria-Egypt Fintech Bridge, in Cairo, Egypt, on Monday, July 17, 2023.

The Central Bank of Nigeria (CBN) and its Egyptian counterpart (CBE), on Monday in Cairo, signed a memorandum of understanding (MOU) to birth a Nigeria-Egypt FinTech Bridge, in the aftermath of a series of engagements around payment systems, financial technology, and financial inclusion in Africa.
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.
Speaking during the two-day event held at the Seamless North Africa 2023, CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of Nigeria, expressed extreme pleasure that the partnership was finally taking off after several months of preparation.

Mrs. Ahmad

Nigeria’s apex bank, she assured, 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.”
Also speaking, the Deputy Governor of the Bank of Egypt, Rami Aboulnaga, expressed optimism that the partnership would yield the desired expectation.
The conference hosted by the CBE was attended by over 4,000 policymakers, payment service providers, financial institutions and technology startups from both nations and from across the African continent.