The Central Bank of Nigeria and the Central Bank of Egypt have signed an MOU to create a “Nigeria-Egypt Fintech Bridge.” This partnership aims to enhance financial inclusion by fostering collaborative regulatory projects, coordinated licensing frameworks, data exchange, fintech cross-referrals, and talent development between the two countries.
With a focus on expanding financial services access, particularly for the unbanked, this move aims to address the significant percentages of unbanked populations in both Nigeria and Egypt. Approximately 40% of Nigerians and 75% of Egyptians lack access to formal banking services, relying heavily on cash transactions.
Aishah Ahmed, Deputy Governor for Financial System Stability at the Nigerian Central Bank, highlighted the potential for the fintech collaboration to drive economic growth by deepening payment systems and facilitating financial inclusion. The collaboration is seen as a positive step towards achieving broader economic potential in Africa.
Industry leaders like Dare Okoudjou, CEO of MFS Africa, have emphasized the importance of inter-African cooperation in the fintech sector to unlock its full potential. The establishment of the Nigeria-Egypt Fintech Bridge is viewed as a move in the right direction, with potential to foster cross-border innovation and investment, ultimately contributing to economic advancement in both countries.
