The Nigeria and Egypt central banks inked an IOU in this regard at a fintech conference in Cairo.

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have agreed to establish a Nigeria-Egypt FinTech Bridge. The memorandum of understanding (MOU) was signed during the Seamless North Africa 2023 conference in Cairo.

The collaboration follows discussions between the two largest African economies on payment systems, financial technology, and financial inclusion in Africa. The agreement covers various collaborative efforts, including regulatory innovation projects, licensing and supervisory frameworks, information sharing, fintech referrals, and talent development. (The Eagle Online)

The CBN Deputy Governor, Aishah Ahmad, said the Fintech Bridge would foster an innovative environment for fintech startups and entrepreneurs in both countries to promote financial inclusion and economic growth in Africa.

The Deputy Governor of the Bank of Egypt, Rami Aboulnaga, also expressed optimism about the partnership.

The conference, organized by the Central Bank of Egypt, gathered policymakers, payment service providers, financial institutions, and technology startups from Egypt, Nigeria, and other parts of Africa.

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