The regulators of Africa's leading fintech markets, Egypt and Nigeria have signed a deal to deepen cross border regulations in both countries. The conference was hosted by the CBE and had in attendance over 4000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent. Nigeria has at least 200 fintech companies, meanwhile, Egypt has an estimated number of 177. Although the terms of the deals are unclear, local reports say that the alliance aims to equip Egyptian and Nigerian fintech professionals with knowledge and abilities, cultivating an atmosphere of progress and creativity within the industry. Egypt launched its first fintech regulatory sandbox in 2019, its first cohort for local fintechs commenced in the same year.

Source: The North Africa Journal July 21, 2023 08:54 UTC