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Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation


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Egyptian and Nigerian Central Banks Sign 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. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector.

MOU Agreement to Help Boost Innovation

On July 17, the Egyptian and Nigerian central banks announced the signing of a financial technology collaboration agreement. The signing of the memorandum of understanding (MOU) is expected to help “deepen cross-border regulatory collaboration” and information sharing between the two institutions.

Furthermore, the pact will help “boost innovation and grow regional technology investments.” The MOUs were signed on the sidelines of the Seamless North Africa 2023 meeting held in Cairo.

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

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

In her remarks following the signing of what has been described as a fintech bridge, Aishah Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), said the collaboration would foster 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, who is in charge of Financial System Stability, said.

According to a Xinhua report, the London Institute of Banking & Finance, which also signed an MOU with the Egyptian central bank, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector. Meanwhile, at the same event, the governor of the Egyptian central bank Hassan Abdallah announced the release of the Fintech Outlook report which highlights the positive indicators of Egypt’s fintech sector.

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