Egypt’s central bank signs COMESA deal on banking sector competition oversight

The Central Bank of Egypt (CBE) signed a memorandum of understanding with the COMESA Competition and Consumer Commission on Monday to strengthen cooperation on competition oversight in the banking and financial sectors across member states.

The agreement was signed in Cairo by CBE First Sub-governor May Abulnaga and COMESA Competition Commission Chief Executive Willard Mwemba, in the presence of CBE Governor Hassan Abdalla and senior officials from both sides.

Abdalla said the memorandum aims to enhance coordination on competition policies and enforcement within the Common Market for Eastern and Southern Africa (COMESA), particularly in sectors, including banking, foreign exchange, money transfers, payment systems, financial technology, and credit information.

The agreement represents “an important strategic step” towards supporting economic integration and promoting fair competition across COMESA markets, particularly in the banking sector.

The cooperation would also support the exchange of expertise and capacity building in areas including anti-competitive practices and the review of mergers and acquisitions, the CBE said.

Mwemba said the agreement would help expand technical cooperation and expertise-sharing between the two institutions for the benefit of Egypt and COMESA member states.

The central bank said the memorandum forms part of broader efforts to strengthen cooperation with international institutions and aligns with the COMESA framework for coordinating competition policies across Eastern and Southern Africa.

Under Egypt’s 2020 banking law, the central bank is responsible for competition protection in the banking sector and among licensed financial institutions. The CBE has also established a dedicated unit for competition-related matters.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser