The Central Bank of Egypt announced the signing of a memorandum of understanding with the COMESA Competition and Consumer Commission to strengthen regional cooperation on competition protection across the Common Market for Eastern and Southern Africa, with a particular focus on the banking sector and other central bank regulated activities. The arrangement is intended to coordinate competition policies between the two sides, strengthen enforcement of competition rules, and support the review of mergers and acquisitions with a regional dimension within the COMESA common market. The memorandum provides for exchanges of expertise and capacity building on examining anti-competitive practices and assessing mergers and acquisitions. Its scope covers banks, exchange businesses, money transfer, credit inquiry and rating, credit guarantee, payment system operators, payment service providers, and financial technology. The release also notes that the Central Bank of Egypt is the authority responsible for competition protection in Egypt's banking market and licensed entities under Articles 221 and 222 of the 2020 Central Bank and Banking Sector Law, and that it has established a dedicated competition protection unit.
Central Bank of Egypt 2026-05-11
Central Bank of Egypt signs memorandum with COMESA Competition and Consumer Commission on banking competition and regional merger reviews
The Central Bank of Egypt has signed a memorandum of understanding with the COMESA Competition and Consumer Commission to strengthen regional cooperation on competition protection across the Common Market for Eastern and Southern Africa, focusing on the banking sector and other central bank regulated activities. The arrangement aims to coordinate competition policies, enhance enforcement of competition rules, support review of cross-border mergers and acquisitions, and provide expertise sharing and capacity building across banks, exchange businesses, money transfer, credit inquiry and rating, credit guarantee, payment system operators, payment service providers, and financial technology.