The Central Bank of Egypt (CBE) and the Central Bank of Nigeria (CBN) have recently entered into two Memorandum of Understanding (MoU) agreements aimed at promoting expert exchanges and collaboration in the fields of fintech, innovation, e-payment solutions, and financial inclusion, the CBE announced on Monday.
The collaborative effort seeks to harness the knowledge and experience of both countries to drive advancements in their respective financial technology sectors. The partnership intends to accelerate financial inclusion, enhance Nigeria’s payment systems, and stimulate economic growth across the African continent. The MoUs were signed following a series of engagements between the two central banks.
The Prime Minister of Egypt, Moustafa Madbouly, commended the collaboration between the CBE and the Financial Regulatory Authority (FRA) in enacting necessary legislative amendments to regulate alternative financing activities. These amendments facilitate the emergence of innovative financing methods within the Egyptian market, further bolstering the prospects of the partnership.
The signing ceremony took place at the Seamless North Africa 2023 conference held at the Egypt International Exhibition Center in New Cairo on July 17-18, 2023. The conference, organized by the Central Bank of Egypt, attracted more than 4,000 participants, including policymakers, payment service providers, financial institutions, and technology startups from Egypt, Nigeria, and various other countries across the African continent.
The collaborative agreements between the CBE and the CBN signify a significant step toward fostering cooperation, knowledge-sharing, and mutually beneficial advancements in fintech and financial inclusion for Egypt and Nigeria, ultimately contributing to the broader development of the African financial technology landscape.
