The Central Bank of Egypt (CBE) has signed a landmark Memorandum of Understanding with the COMESA Competition and Consumer Commission, aimed at enhancing cooperation in safeguarding fair competition across the regional market. The agreement was signed at the CBE headquarters by First Deputy Governor Mai Aboulnaga and Dr. Willard Mwemba, CEO of the Commission, in the presence of Governor Hassan Abdalla and senior officials.
Governor Abdalla described the partnership as a strategic step toward deepening economic integration and ensuring a fair competitive environment within COMESA markets, particularly in the banking sector. He emphasized that the collaboration will support capacity building, exchange of expertise, and joint efforts to monitor anti-competitive practices and assess mergers and acquisitions, thereby boosting efficiency and attracting investment.
Dr. Mwemba welcomed the initiative, noting that it provides a valuable platform for both institutions to share knowledge and strengthen enforcement of competition laws across member states.
The MoU covers key financial sectors including banking, foreign exchange, credit rating, payment systems, and fintech, aligning with Egypt’s role as the national authority responsible for competition oversight under the 2020 Central Bank and Banking System Law.
This agreement is expected to reinforce COMESA’s efforts to curb cross-border monopolistic practices, promote free trade, and foster sustainable economic growth across Eastern and Southern Africa.
