Central Bank of Egypt aims to keep up with financial technology developments

Central Bank of Egypt aims to keep up with financial technology developments

Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt (CBE), said that the CBE is committed to keeping up with the latest developments in financial technology as part of its goals to maintain monetary stability and enhance financial inclusion.

He gave a speech on behalf of the CBE governor at the Cairo ICT exhibition in its 27th edition, where he said that the CBE has supported and encouraged financial technology in the banking and financial sector. It launched an ambitious strategy for financial technology and innovation to transform Egypt into a regional hub for the financial technology industry in Africa and the Middle East. This strategy has helped increase the number of companies operating in the industry from 32 companies in 2017 to 177 companies in 2022, attracting about $800m.

The CBE has also included a chapter on the regulation of electronic payment systems and services and financial technology in the CBE and Banking Sector Law No. 194 of 2020.

He added that the CBE has facilitated the transition to digital banks, as it issued rules for licensing, registering, monitoring, and supervising digital banks, which opens the way for a new generation of digital banking services in the Egyptian