CBN and CBE sign MOUs for fintech

The Central Bank of Nigeria (CBN) has taken significant steps towards strengthening its fintech landscape through two crucial memorandums of understanding (MoUs). The apex bank signed these MoUs with the Central Bank of Egypt (CBE) and the London Institute of Banking and Finance (LIBF), highlighting its commitment to fostering cross-border collaborations and driving innovation in the financial technology sector.

The signing event took place at the Egypt International Exhibition Centre in Cairo, following extensive discussions on payment systems, financial technology, and financial inclusion in Africa. The MoU with the CBE aims to facilitate expert exchanges in fintech, innovation, e-payment solutions, and financial inclusion, leveraging the knowledge and experiences of both countries to achieve breakthroughs in their respective fintech domains.

Mrs Aishah Ahmad, the Deputy Governor of CBN, emphasized that this partnership would foster cross-border regulatory collaboration, information sharing, and promote innovation, leading to increased regional technology investments.

A similar commitment is reflected in the MoU with the esteemed London Institute of Banking and Finance, designed to offer specialized training courses, workshops, and programs to Egypt’s fintech sector executives. By empowering Egyptian fintech professionals with cutting-edge knowledge and skills, this alliance seeks to foster an environment conducive to innovation and growth within the sector.

The signing event also saw the unveiling of the highly anticipated Fintech Outlook Study by CBE Governor, Hassan Abdallah. The study revealed impressive growth in Egypt’s fintech sector, with an astonishing $800 million in fintech investments recorded over the past year, showcasing the country’s potential as a thriving player in the global fintech arena.

The Seamless North Africa 2023 event, attended by over 150 specialists from the international and local fintech spheres and more than 100 exhibitors, provided an essential platform for informed discussions and analyses of the future of the financial ecosystem. Keynote talks, panels, and case studies were conducted to explore new avenues of collaboration and growth.

With the MoUs now in place, Egypt’s fintech landscape is set for transformative developments and is poised to strengthen its position as a regional fintech powerhouse. These collaborations are expected to propel Egypt towards greater heights of financial innovation and technological advancement, consolidating its reputation as a dynamic and vibrant player in the fintech sector.