CBE signs 2 MoUs with CBN, LIBF to support digital transformation

CAIRO - 17 July 2023: The Central Bank of Egypt (CBE) signed on Monday two memorandums of understanding (MoUs) with the Central Bank of Nigeria (CBN) and the London Institute of Banking & Finance.

The deal with the London institute was signed by Abul Naga, while Alex Fraser, chief executive of London Institute of Banking and Finance signed for his institute. The agreement aims to support the training and qualification of banking cadres to promote digital transformation.

The deal with Nigeria was signed by CBE Deputy Governor Ramy Abul Naga on behalf of CBE Governor Hassan Abdallah, while Aisha Ahmed, governor of CBN, signed for the Nigerian side. The agreement aims to support digital transformation and electronic banking services.

The signing came on the sidelines of Seamless North Africa Conference 2023, held in Cairo under the auspices of the Egyptian Cabinet, CBE, and the Arab League.

Earlier this week, the CBE issued rules for licensing, registering, controlling, and supervising digital banks. The new licensing rules of digital banks include a minimum issued and paid-up capital of LE 2 billion if they engage in all banking activities except financing large corporations.