CBN Collaborates With CBE to Establish Nigeria-Egypt Fintech Bridge

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have agreed to build a Nigeria-Egypt FinTech Bridge.

The signing event, which took place on July 17 - 18, 2023, at the Egypt International Exhibition Centre in Cairo, came after a series of engagements on payment methods, technology for finance, and financial inclusion in Africa.

Mrs. Aishah Ahmad, deputy governor, of Financial System Stability, CBN, who signed on behalf of the CBN, stated at the event that the bank was highly pleased by its collaboration with the Central Bank of Egypt, which came after several months of commitment to payments, fintech, and financial inclusion.

Ahmad declared: “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.” 

Mr. Rami Aboulnaga, deputy governor of the Bank of Egypt, also spoke and praised the MOU, expressing hope that the cooperation will provide the intended results.

The collaboration between the apex banks of Africa's two largest economies includes a wide range of collaborative efforts, 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 policymakers, payment service providers, financial institutions, and technological entrepreneurs from Egypt, Nigeria, and throughout the African continent.