CBE Drives Fintech Surge with $42.9 Mn Investment, Fostering Innovation and Digital Payment Boom
First Bank
The report on the efforts of the Central Bank of Egypt to promote digital transformation reveals a direct investment injection of $42.9 mn from banks, infrastructure providers, and payment system operators to support fintech startups in 2022.
The report adds that the number of fintech startups in the Egyptian market has more than quintupled over the past 5 years, rising from 32 companies in 2017 to 177 companies in 2022.
Furthermore, the report states that 30% of these companies have expanded into international markets, with the total number of customers for fintech companies reaching around 100 million.
The report highlights the Central Bank’s commitment to raising awareness of financial technology and innovation among the youth in Egypt. Initiatives like Finyology provided training courses to 6,840 university students, resulting in 540 initial project models specializing in fintech.
Additionally, CBE launched the Fintekrs initiative to support fintech entrepreneurs in remote areas by providing necessary training.
The report emphasizes the Central Bank’s success in advancing digital payment services in the Egyptian market, with electronic payment cards surpassing 62 million and electronic point-of-sale terminals exceeding 1.2 million.
Furthermore, the report notes an increase in ATMs to nearly 23,000 machines, mobile wallet numbers exceeding 36 million, and the InstaPay app gaining over 6.2 million customers.
