CBE leads banking sector’s major role in supporting Egypt’s digital transformation efforts

CBE leads banking sector’s major role in supporting Egypt’s digital transformation efforts

The Egyptian banking sector, led by the Central Bank of Egypt (CBE), played a major role in supporting the state's efforts towards digital transformation and developing electronic payment (e-payment) systems. The spread of digital technology solutions is contributing to the acceleration of financial inclusion at banks, and the creation of electronic products that serve large groups of citizens. This in turn enables bank customers to conduct all their financial and banking transactions via mobile phone or the Internet, without the need to physically present themselves at branches. Among the projects that the CBE has worked on to support digital transformation was the government payments and receipts project. This included a project to replace and renew government employees payroll cards, pension cards, and the farmer's card, as well as financial technology (fintech) projects. It also includes the establishment of a fintech hub, and the establishment of the FinTech and Innovation Support Fund. This is in addition to the platform for small- and medium-sized enterprises (SMEs), and the establishment of the national e-payment system "Meeza". Meeza aims to ensure the independence of national payment systems, as well as reducing the cost of payment services to citizens. According to CBE data, about 23