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

The central banks of Egypt and Nigeria have signed a fintech settlement to deepen the 2 establishments’ “cross-border regulatory collaboration” and data sharing. The London Institute of Banking & Finance, which additionally signed an MOU, will supply coaching packages, workshops, and programs to leaders within the Egyptian fintech sector.

MOU Agreement to Help Boost Innovation

On July 17, the Egyptian and Nigerian central banks introduced the signing of a monetary expertise collaboration settlement. The signing of the memorandum of understanding (MOU) is anticipated to assist “deepen cross-border regulatory collaboration” and data sharing between the 2 establishments.

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

Central Bank of Nigeria indicators 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), stated the collaboration would foster monetary 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’s in command of Financial System Stability, stated.

According to a Xinhua report, the London Institute of Banking & Finance, which additionally signed an MOU with the Egyptian central financial institution, will supply coaching packages, workshops, and programs to leaders within the Egyptian fintech sector. Meanwhile, on the similar occasion, the governor of the Egyptian central financial institution Hassan Abdallah introduced the discharge of the Fintech Outlook report which highlights the optimistic indicators of Egypt’s fintech sector.

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