CBN, CBE agree to set up ‘Nigeria-Egypt FinTech Bridge’
By Patience Ikpeme
A Nigeria-Egypt FinTech Bridge is set to be established as the Central Bank of Nigeria and the Central Bank of Egypt signed a memorandum of understanding at the Seamless North Africa 2023 conference in Cairo.
The MoU follows several discussions regarding issues around payment systems, financial technology, and financial inclusion in Africa.
The partnership aims to develop an innovative space for fintech startups and entrepreneurs to accelerate financial inclusion, deepen payment systems and drive economic growth across the African continent.
The collaboration will involve joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, cross-referrals and talent development.
The landmark partnership involves the two largest economies in Africa and had over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria, and across the African continent in attendance at the conference.
Speaking at the event, the CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said that the CBN was “excited by the partnership with the Central Bank of Egypt, which followed several months of engagement on payments, fintech and financial inclusion”.
She said the CBN is looking “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, Mr. Rami Aboulnaga, expressed optimism that the partnership would yield the desired expectations.
