CBE Drives Digital Transformation in Banking Sector, Attracting $241.1 Mn Investments

The report on the efforts of the Central Bank of Egypt to promote digital transformation reveals an injection of $241.1 mn in indirect investments by banks, infrastructure providers, and payment system operators in funds, fund boxes, or business accelerator programs.

The report emphasizes the Central Bank of Egypt’s commitment to staying abreast of financial technology advancements as a necessity to achieve its goals of maintaining monetary stability and enhancing financial inclusion.

The vision of the Central Bank of Egypt focuses on supporting the launch of more innovative financial technology applications, making them accessible to customers to contribute to the targeted digital transformation and efforts towards sustainable development.

The Central Bank has actively supported and incentivized financial technology in the banking and financial sector, launching a promising strategy for financial technology and innovation with the aim of transforming Egypt into a regional hub for financial technology in Africa and the Middle East.

This strategy has led to a fivefold increase in the number of companies in the industry, from 32 in 2017 to 177 in 2022, attracting approximately $800 mn in 2022.