Egypt’s, CBN sign MoUs to exchange expertise in fintech, e-payment system

The Central Bank of Egypt (CBE) signed two Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) to expert exchanges in the areas of fintech, innovation, e-payment solutions, and financial inclusion.

The collaboration aims to leverage both countries’ knowledge and experience to drive breakthroughs in their respective financial technology sectors, the central bank of Egypt announced on Monday.

This move seeks to accelerate financial inclusion, deepen Nigeria’s payment systems and drive economic growth across the African continent, followed a series of engagements between both parties.

The Prime Minister Moustafa Madbouly praised the cooperation between the CBE and the Financial Regulatory Authority (FRA), in issuing the necessary legislative amendments to regulate alternative financing activities, which enables the emergence of innovative financing methods within the Egyptian market.

It is worth mentioning that the signing ceremony took place at the Seamless North Africa 2023 conference at the Egypt International Exhibition Center in New Cairo, Egypt on July 17 – 18, 2023.

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

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