07 Aug Fintech in Africa’s future
A new agreement between the Central Bank of Nigeria and the Central Bank of Egypt seeks to fund a “Nigeria-Egypt Fintech Bridge.”
Fintech is a hot topic in Africa at the moment, recent surveys have found that the continent is lacking in access to financial security, and banking as a whole. Meaning more illicit transactions are taking place, and more deals that cannot easily be tracked or monitored, particularly relevant in a country with an abundance of weaponry.
A surge in financial technology must take place – which is exactly the goal of the Nigeria-Egypt Fintech Bridge, announced via a Memorandum of Understanding (MoU) which has been signed by the Central Bank of Nigeria and the Central Bank of Egypt.
The bridge will see a number of new joint regulatory projects, information and data exchange between the two banks, fintech cross-referrals, and talent development.
In a recent article at Security & Fire Africa, we discussed how the future of Africa will be shaped by access to upskilling.
Through the Fintech Bridge, development will take place throughout Africa and the Middle East alike, with the two continents cutting down on illegal transactions by making legal ones more accessible.