CBE: Value of Transactions by 95 Fintech Startups Reached EGP 342 Bn in 2022

According to a report released by the Egyptian Central Bank's Fintech Egypt initiative, Financial Technology Outlook for 2023 revealed that the value of transactions carried out by 95 startup companies and payment service providers amounted to EGP 342 bn in 2022. The report also indicated that the transaction volume reached EGP 11 bn by the end of the same period.

The report further highlighted the revenues generated by 83 startup companies and payment service providers, which reached EGP 62 bn in 2022.

Additionally, the report revealed that the number of employees in banks and the local financial infrastructure sector specializing in financial technology and investment is approximately 873. Among these employees, 7% work in investment departments out of 10 institutions, while 31% are female employees, accounting for one-third of the total workforce.

The report explained that male employees dominate the managerial positions in specialized departments related to financial technology, constituting 77% of the workforce with an average age of 42 years, while females represent 23%.

The report also highlighted that 50% of operating banks in Egypt and financial infrastructure service providers offered training courses to their employees in the field of financial technology and investment during the past year.