By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CBE leads efforts to promote fintech in local banking market: Sub-Governor
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > CBE leads efforts to promote fintech in local banking market: Sub-Governor
Banking

CBE leads efforts to promote fintech in local banking market: Sub-Governor

Daily News Egypt
Last updated: 2022/03/07 at 2:03 AM
By Daily News Egypt 9 Min Read
Share
SHARE

Ayman Hussein — the Sub-Governor of the Central Bank of Egypt (CBE) for the Information Technology Sector — said that technology has become an essential part of our daily life and a necessity imposed by the requirements of present and future aspirations.

He made this statement during his participation in the first Al-Ahram Financial Technology Conference on Sunday in the presence of a large number of CBE officials and bank leaders.

Hussein explained that the CBE’s interest in digitising financial services comes in light of integration with the goals and vision of the National Payments Council headed by President Abdel Fattah Al-Sisi to transform into a cashless society.

He pointed out that one of the council’s most prominent achievements was establishing the ‘Meeza’ national payment system — the first local system of its kind that is independent and capable of providing the same services as foreign payment networks effectively and efficiently to spare the national economy the effects of these external networks for any emergency event.

“Financial technology has enabled us to transform challenges into opportunities, as the nCBE has directed banks to expand in providing more digital banking services, which enhanced the banking sector’s ability to overcome many obstacles and reach all segments of society. This had a great impact on enhancing the ability of the banking sector to respond quickly and flexibly to the requirements of the pandemic period, as more than 1bn electronic transactions worth EGP 2.8bn were executed last year,” Hussein said.

He added that in terms of its catalytic and supportive role for the financial technology industry, the CBE launched the fintech and innovation strategy in March 2019, which is in line with Egypt’s 2030 Vision for digital transformation and sustainable development, with the aim of transforming Egypt into a regional centre for fintech.

He explained that in this context, the CBE was interested in laying the necessary legislative and regulatory foundations to support and stimulate the targeted digital transformation by dedicating an entire chapter to payment systems and services and financial technology in the CBE and Banking System Law No. 194 of 2020.

The CBE is currently working in cooperation with the Financial Regulatory Authority (FRA) to issue a new law to set the legislative framework required to benefit from alternative financing services and financial technology activities related to banking services as well as expand their provision to meet the needs of various groups in the Egyptian market.

Hussein added that due to the fact that the CBE is well aware of the importance of human cadres in achieving the objectives of the financial technology strategy, it has been keen to support young talents and entrepreneurs in this important field and provide them with a supportive environment locally and globally.

He explained that over the past few years, several initiatives have been launched in this regard. For example, the initiative to integrate fintech projects into university students’ graduation projects — the ‘FinYology Initiative’ for youths — with the participation of more than 15 Egyptian and international universities as well as many banks operating in Egypt, and the launch of the Financial Technology Academy programme in cooperation with many bodies and entities — whether local or international.

He added that in integration with these efforts and to achieve the targeted digital transformation, the CBE launched the regulatory laboratory for innovative fintech applications as a disciplined testing environment that allows fintech entrepreneurs to test their innovative applications, taking into account the full rights of customers.

Hussein stressed that the CBE’s efforts to promote the fintech industry continue uninterrupted, as the ‘Fintech Egypt’ platform that was launched in 2019 and is affiliated with the CBE issued the ‘Finance Technology Perspective 2021 Report’, which is the first integrated report that monitors financial technology developments in the Egyptian market, as an initial step to provide an integrated vision for all parties to the fintech system in Egypt.

According to Hussein, the report revealed unprecedented growth in Egypt in the field of fintech and the sectors feeding it over the past few years. The volume of fintech investments increased from $1m in 2017 to $159m in 2021, and the number of emerging Fintech companies is significant, rising from just two companies in 2014 to 112 companies in more than 14 innovative Fintech sub-sectors in 2021.

He added that in parallel with this great development in fintech, Egypt witnessed a significant increase in payment tools during the last period, which would support the transition to a digital economy and a cashless society. The number of bank cards increased to about 54m, including 22m feature cards, more than 25m mobile wallets, 740,000 electronic points of sale, and more than 18,500 ATMs throughout the country.

Furthermore, Hussein said that the CBE is quite ambitious. This year will witness the launch of many important projects related to fintech, such as an instant payments network, which can represent an unprecedented boom in financial and banking transactions in the Egyptian market, as it will enable citizens to implement their financial transactions and bank transfers between various accounts in all banks instantly, 24/7, even on holidays and vacations.

He added that the Technology and Innovation Support Fund will also be launched with a capital of more than EGP 1.3bn with the participation of the National Bank of Egypt, Banque Misr, and Banque du Caire, in addition to the opening of the ‘Grid’ financial technology centre, which aims to strengthen and advance the fintech system within the Egyptian market and work to bring together all parties of the fintech system under one roof.

According to Hussein, there is also a plan to launch a system to identify customers electronically (EKYC), which will enable citizens to open bank accounts electronically without the need to go to banks’ headquarters or branches, in addition to expanding the establishment of digital banks that provide banking services through digital channels or platforms using modern technologies.

He stressed that securing banking transactions and cybersecurity represents a great challenge in light of the digital transformation and continuous technological development, explaining that securing banking transactions is a major priority within the CBE’s integrated vision for expansion in digital financial transactions.

Hussein pointed out that the efforts of the CBE in the areas of fintech, electronic payment systems, cybersecurity, and financial inclusion — with the support of efforts to spread financial culture and attention to youth, women, people with special needs, and the elderly — were clearly reflected in the increase in financial inclusion rates in Egypt, which amounted to 56.2% in December 2021. This contributes to improving the standard of living of individuals, reducing poverty, and promoting the goals of the state’s 2030 vision for sustainable development.

He also stressed that the role of the CBE is no longer limited to being supervisory. The bank now acts as a catalyst and supporter of the process of change, development, and innovation in relation to financial and banking services.

He explained that from this standpoint, the CBE is leading efforts to expand the use of fintech applications in the Egyptian banking market without sparing any effort, along with all parties of the banking sector and partners from relevant ministries, to achieve its future vision for digital transformation and the beginning of a new era of digital banking services in a manner that complies with the requirements of the “new republic”.

You Might Also Like

IFC partners with Egypt’s CIB in managing climate risk, boosting sustainability

CIB general assembly approves issuance of financial instruments worth $1bn 

CBE allows women to open savings vessels to their minor children, should mothers provide money as donation

DNE Awards honours CIB as Most Efficient Egyptian Bank

Net profits of banks operating in Egyptian market increase to EGP 130.844bn in 2022: CBE

TAGGED: CBE, fintech, Sub-Governor
Share this Article
Facebook Twitter Email Print
Previous Article Cairo cooperates with EBRD to develop green hydrogen, tourism projects
Next Article Palm Hills to introduce EGP 3.2bn sukuk programme within 2 weeks
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?