Nigeria signs MoU with Egypt to exchange expertise in fintech, e-payment system

The Central Bank of Nigeria (CBN) says it has signed financial technology (fintech) collaboration agreements with the Central Bank of Egypt.

The apex bank announced the development via its official Twitter handle on Tuesday.

The signing ceremony took place during the just-concluded ‘Seamless North Africa 2023’ conference at the Egypt International Exhibition Center, Cairo.

Speaking at the event, Aishah Ahmad, CBN deputy governor, financial system stability directorate, said the partnership would deepen cross-border regulatory collaboration, information sharing, boost innovation and grow regional technology investments.

Ahmad, who signed on behalf of the CBN, said the apex bank was extremely excited by the partnership with the Central Bank of Egypt, which followed several months of engagement on payments, fintech and financial inclusion.

“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African continent,” Ahmad said.

Central Bank of Nigeria signs FinTech collaboration agreements with the Central Bank of Egypt #FinancialInclusion #FinTech #SeamlessNorthAfrica2023. pic.twitter.com/pswcIA7aMy

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— Central Bank of Nigeria (@cenbank) July 18, 2023

On his part, Rami Aboulnaga, deputy governor of the Central Bank of Egypt, expressed optimism that the Nigeria-Egypt Fintech Bridge would yield the desired results.