Source: Boluwatife Ayo-Odewale/Technext

The Central Bank of Nigeria (CBN) has signed two major memorandums of understanding (MoUs) with the Central Bank of Egypt (CBE) and the London Institute of Banking and Finance(LIBF). This was disclosed by Nigeria’s apex bank’s official Twitter account.

The signing event, which took place at the Egypt International Exhibition Centre in Cairo, came after a series of engagements on payment systems, financial technology, and financial inclusion in Africa.

As confirmed in a report, the MoU with the Central Bank of Nigeria (CBN) focuses on developing expert exchanges in the areas of fintech, innovation, e-payment solutions, and financial inclusion. This collaboration aims to leverage both countries’ knowledge and experience to drive breakthroughs in their respective financial technology sectors.

The Deputy Governor of CBN, Mrs Aishah Ahmad says the partnership would deepen cross-border regulatory collaboration, and information sharing, boost innovation and grow regional technology investments. 

Similar commitments are made in the Memorandum of Understanding signed with the esteemed London Institute of Banking and Finance, which calls for offering specialized training courses, workshops, and programs to Egypt’s fintech sector executives. By equipping Egyptian fintech professionals with cutting-edge knowledge and abilities, this strategic alliance aims to promote an environment of innovation and growth within the sector.

The governor of the CBE, Hassan Abdallah also unveiled the highly awaited Fintech Outlook Study, which revealed a slew of encouraging signs for Egypt’s fintech sector. According to the research, the country has garnered an amazing $800 million in fintech investments over the last year, demonstrating its potential as a vibrant and thriving player in the global fintech sector.

Over 150 specialists from both the international and local fintech spheres, as well as over 100 exhibitors, attended Seamless North Africa 2023, which lasted two days. The event provides an important forum for informed conversations and analyses of the financial ecosystem’s future. Participants are defining the future of fintech through keynote talks, panels, and case studies, seeking new channels of collaboration and growth.

Expectations of the CBN/CBE MoUs

CBN partners Central Bank of Egypt on fintech regulation and financial inclusion

The MoUs signed with the Central Bank of Egypt (CBE) and the London Institute of Banking & Finance are expected to pave the way for transformative developments in Egypt’s fintech landscape. They are also expected to bolster its position as a regional fintech powerhouse and propel the nation towards even greater heights of financial innovation and technological advancement.

Source: Boluwatife Ayo-Odewale/Technext