The MoU with the Central Bank of Nigeria (CBN) focuses on developing expert exchanges in the areas of fintech, innovation, e-payment solutions, and financial inclusion. This collaboration aims to leverage both countries’ knowledge and experience to drive breakthroughs in their respective financial technology sectors.
The Deputy Governor of CBN, said the partnership would deepen cross-border regulatory collaboration, and information sharing, boost innovation, and grow regional technology investments.
The Memorandum of Understanding signed with the London Institute of Banking and Finance includes parallel commitments. It entails the provision of specialised training courses, workshops, and programmes tailored for Egypt's fintech sector executives. The ultimate goal of this strategic alliance is to empower Egyptian fintech professionals with state-of-the-art knowledge and skills, fostering an environment of innovation and growth within the sector.
Additionally, the Fintech Outlook Study was presented by the governor of the Central Bank of Egypt (CBE), shedding light on several promising developments in Egypt's fintech sector. The study disclosed that the country attracted a substantial amount of USD 800 million in fintech investments during 2022, underscoring its capacity as a dynamic and flourishing participant in the global fintech industry.
The MoUs signed with the Central Bank of Egypt (CBE) and the London Institute of Banking & Finance are expected to pave the way for transformative developments in Egypt’s fintech landscape. They are also expected to bolster its position as a regional fintech powerhouse and propel the nation towards greater heights of financial innovation and technological advancement.
In March 2023, the Central Bank of Nigeria has approved the operational guidelines to Open Banking in Nigeria kickstarting a new era in the banking industry in Nigeria.
The guideline was released via a circular by Musa Jimoh, the Director of the CBN’s Payments System Management Department on 7 March 2023. The Open Banking regulation would usher in a transformation time for financial innovation and financial inclusion in Nigeria and Africa as a whole.
The release of the final guideline is a culmination of a long journey for Open Banking in Nigeria. On 1 June 2017, a group of industry veterans decided that Nigeria needs to accelerate its payments innovation industry and formed an Open Banking working group which ultimately became formalized as Open Banking Nigeria. The group engaged with banks, fintechs, CBN, and other international stakeholders.
Early backers of Open Banking in Nigeria include Sterling Bank, KPMG, PwC, EY, Paystack, Teamapt, Wallet Africa, and OnePipe. The coalition has now expanded to include the likes of Mono, Switch, Lendsqr, Palmpay, Carbon, and Trium.
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