The Central Bank of Nigeria and the Central Bank of Egypt have signed a Memorandum of Understanding (MOU) to establish a “Nigeria-Egypt Fintech Bridge” between the two largest African economies.
The partnership is expected to involve joint regulatory projects, coordinated licensing and legal frameworks, information and data exchange, fintech cross-referrals, and talent development. The move is aimed at improving financial inclusion, as Nigerian-Egyptian collaboration on fintech solutions will allow more citizens from both countries to access formal financial services.
Abuja and Cairo currently have some of the largest unbanked populations globally, with 40% of Nigerians and 75% of Egyptians lacking a bank account. Fintech leaders are calling for greater inter-African cooperation to drive the industry forward. At the Inclusive Fintech Forum in Kigali, Dare Okoudjou, CEO of pan-African payments company MFS Africa, emphasized the need for African countries to integrate their fintech markets to unleash their full economic potential. The Nigeria-Egypt Fintech Bridge could unlock significant cross-border collaboration and help entrepreneurs in both countries devise more sophisticated fintech services and products, promoting wider economic growth.
The MOU will allow Nigeria and Egypt to attract innovations and foreign direct investment, which in turn will help grow the economies of both countries.
By: Harry Clynch
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