L-R: The Deputy Governor of CBN (Financial System Stability (FSS), Aishah Ahmad, with her Central Bank of Egypt (CBE) counterpart, Rami Aboulnaga, in Cairo, Egypt.
A Nigeria-Egypt FinTech Bridge has been established to create an innovative environment for fintech start-ups and entrepreneurs in Egypt and Nigeria to thrive towards financial inclusion, deepen both country’s payment systems and drive economic growth across A frica.
A Memorandum of Understanding (MOU) to establish the bridge was signed between the Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) on the sidelines of the Seamless North Africa 2023 conference at the Egypt International Exhibition Center, Cairo, on July 17 – 18, 2023.
The CBN Deputy Governor in charge of Financial System Stability, Aishah Ahmad, who signed the agreement on behalf of the CBN, expressed the excitement of the Bank to partner with the Central
Bank of Egypt, after several months of engagement on on issues bordering on payment systems, financial technology, and financial inclusion in Africa.
“We look forward to cultivating an innovative space for fintech start-ups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African Continent,” Ahmad said.
Also, the Deputy Governor of the Bank of Egypt, Rami Aboulnaga, expressed optimism that the
partnership through the MOU would yield the desired expectations of the two countries.
Both officials said the ground-breaking 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.
The conference which had in attendance over 4,000 policy-makers, payment service providers, financial institutions and technology start-ups from Egypt, Nigeria and across the African continent, was hosted by the Central Bank of Egypt and Fintech Bridge.
