The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have formalized their collaboration by signing a Memorandum of Understanding (MoU) to create the Nigeria-Egypt Fintech Bridge.

The MoU was signed during the Seamless North Africa Conference 2023 in Cairo, Egypt, as both apex banks engaged in discussions on crucial matters related to payment systems, financial technology, and financial inclusion in Africa.

This partnership brings together the central banks of two of the largest economies in Africa, representing a significant step towards enhanced cooperation and progress in the region.

The scope of the MoU includes various collaborative initiatives, such as joint registration, innovative projects, coordinated licensing and supervisory framework, and sharing of valuable information.

Fintech bridges like this signify the commitment of the respective governments to work together, fostering cooperation between regulatory bodies, and promoting connectivity between their markets and ecosystems.

During the event, Aisha Ahmad, the Deputy Governor of Financial System Stability, who represented CBN, expressed enthusiasm about the partnership with CBE. She highlighted that after months of engagement on payments, fintech, and financial inclusion, they aim to create an innovative space for fintech startups and entrepreneurs in both Egypt and Nigeria. This, in turn, will accelerate financial inclusion, strengthen payment systems, and drive economic growth across Africa.

Rami Aboulnaga, the Deputy Governor of CBE, also expressed his delight at the partnership, emphasizing that it will live up to the high expectations set for it.

The conference, hosted by CBE, brought together policymakers, payment service providers, financial institutions, and technology startups from Egypt, Nigeria, and other parts of Africa.