Egyptian And Nigerian Central Banks Sign Fintech Agreement To Deepen Cross-Border Regulation
The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ cross-border regulatory collaboration and information sharing.
By Anna B Kiwanuka
In a significant move towards promoting financial technology (fintech) in Africa, the Central Banks of Egypt and Nigeria have recently signed a collaborative agreement aimed at deepening cross-border regulatory collaboration and information sharing. This Memorandum of Understanding (MOU) is not only expected to boost innovation but also encourage regional technology investments. The signing ceremony took place during the Seamless North Africa 2023 meeting held in Cairo, where both countries demonstrated their commitment to fostering fintech growth.
Aishah Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN), expressed her enthusiasm for the collaboration, emphasizing that it would pave the way for cultivating an innovative space for fintech startups and entrepreneurs in both Egypt and Nigeria. By accelerating financial inclusion, deepening payment systems, and driving economic growth across the African continent, this partnership is poised to bring significant benefits to the region.
As part of the fintech bridge initiative, the London Institute of Banking & Finance joined hands with the Egyptian central bank, signing an MOU that underlines their commitment to supporting the Egyptian fintech sector. This partnership will involve offering training programs, workshops, and courses to leaders in the Egyptian fintech space. Such training initiatives can play a pivotal role in fostering expertise and nurturing talent, ultimately contributing to the growth and sustainability of the sector.
During the same event, Governor Hassan Abdallah of the Egyptian central bank announced the release of the Fintech Outlook report. This report highlights the positive indicators and potential of Egypt’s fintech sector. By shedding light on the sector’s strengths, challenges, and opportunities, this report can be instrumental in attracting investors and stakeholders, ultimately fostering its growth.
The collaborative agreement between the Egyptian and Nigerian central banks marks a significant step towards promoting fintech development in Africa. By facilitating cross-border regulatory collaboration and sharing information, the partnership aims to enhance financial inclusion, drive economic growth, and stimulate innovation across the continent.