Nigeria Signs MoU with Egypt’s Central Bank to Share Expertise in Fintech, E-payment System

The Central Bank of Nigeria (CBN) has announced the signing of collaboration agreements in financial technology (fintech) with the Central Bank of Egypt. This development was shared by the apex bank on its official Twitter account on Tuesday. The signing ceremony for the partnership occurred at the recently concluded ‘Seamless North Africa 2023’ conference held at the Egypt International Exhibition Center in Cairo.

The Deputy Governor of the Central Bank of Nigeria (CBN), Aishah Ahmad, responsible for the Financial System Stability Directorate, spoke at the event. She highlighted that the collaboration between the two central banks would enhance regulatory cooperation, foster information exchange, promote innovation, and stimulate regional investments in technology.

Ahmad, representing the CBN, expressed great enthusiasm about the collaboration with the Central Bank of Egypt, which was the result of several months of discussions on payments, fintech, and financial inclusion. Ahmad stated that they are eager to foster an environment of innovation for fintech startups and entrepreneurs in Egypt and Nigeria.

He says they aim to enhance financial inclusion, strengthen payment systems, and drive economic growth throughout Africa. Rami Aboulnaga, the Deputy Governor of the Central Bank of Egypt, shared his optimism regarding the Nigeria-Egypt Fintech Bridge and its potential to achieve the desired outcomes.

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