CBN, CBE establish Nigeria-Egypt fintech bridge

•2,698 BDCs lose operating licences

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt fintech bridge.

Director of Corporate Communications of the apex bank, Dr Isa AbdulMumin, stated this in a statement, revealing that the signing took place during the Seamless North Africa 2023 Conference held at the Egypt International Exhibition Centre, Cairo.

This comes after a series of engagements on issues around payment systems, financial technology and financial inclusion in Africa.

Speaking at the event, the CBN Deputy Governor, Financial System Stability, Aishah Ahmad, who signed on behalf of the CBN, said that the Bank was extremely excited by the partnership with the CBE.

The sign-off followed several months of engagement on payments, fintech and financial inclusion, she said.

“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.

Also speaking, the Deputy Governor of the Bank of Egypt, Rami Aboulnaga, commended the MOU and expressed optimism that the partnership would yield the desired expectation.

The partnership between the apex banks of the two top economies in Africa encompasses a broad range of collaborative initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals and talent development.

The conference was hosted by the CBE and had in attendance over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent.

In another development, the CBN has withdrawn the licences of 2,698 bureau de change (BDC) operators in its bid to sanitise the foreign exchange market.

The withdrawal is on the heels of fresh concern about the stability of naira, which currently trades around N800 per dollar at both official and parallel markets.