The Central Bank of Egypt reveals the key indicators of the new version of the FinTech Landscape report for Y2022

Under the auspices of H.E. the Prime Minister, Seamless North Africa 2023 commenced today, hosted by the Central Bank of Egypt (CBE) for the third consecutive time.

The conference was inaugurated by Dr. Amr Talaat, the Minister of Communications and Information Technology, on behalf of H.E. Prime Minister Dr. Mostafa Madbouly and Mr. Rami Abu El Naga, Deputy Governor of the Central Bank,o n behalf of Mr. Hassan Abdullah, Governor of the Central Bank of Egypt. in the presence of more than 4,000 participants from local, regional, and international banking and financial institutions.

The third edition of the conference is held under the theme “The Gateway to FinTech in the Middle East and Africa”.

The two-day event takes place at Egypt’s International Exhibition Center in New Cairo with the participation of a number of central banks representatives, along with 150 local and international experts and more than 100 exhibitors from FinTech startups.
In his opening speech, H.E. Prime Minister, represented by the Minister of Communications and Information Technology, emphasized that “Egypt pays great attention to FinTech, as the foundation of an integrated strategy adopted by the government to establish a dynamic digital economy that aligns with future expectations and foster resilience to challenges, in line with Egypt’s Vision 2030.”

The Prime Minister praised the coordination and cooperation between the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA), in issuing the necessary legislative amendments to regulate alternative financing activities, which enables the emergence of new and innovative financing methods within the Egyptian market, meeting the needs and aspirations of various society segments, while ensuring the rights of all stakeholders and enhancing the government’s efforts to achieve sustainable development.

H.E. also commended the collaboration between the Central Bank of Egypt (CBE) and the Ministries of Education and Technical Education, as well as Communications and Information Technology, in nurturing and training FinTech cadres, aiming to create a generation of experts specialized in the FinTech industry.

In his speech, H.E. Mr. Hassan Abdullah, Governor of the Central Bank of Egypt, represented by Mr. Rami Aboulnaga stated that “Seamless North Africa conference is a significant step in raising awareness on FinTech and its importance in supporting digital transformation and increasing financial inclusion rates.

It also promotes positive competitiveness among FinTech startups that aspire to benefit from the promising opportunities in the Egyptian market, in line with the efforts of the state and the Central Bank of Egypt to move towards the targeted digital transformation”

During his speech, the Governor announced the release of the new edition of the “Financial Technology Landscape” report, which includes several positive indicators in the Egyptian FinTech market during 2022.

These include the success of FinTech startups in reaching unprecedented numbers, in addition to attracting investments of about $800 million, confirming that financial technology is a top priority for investors despite the current global challenges.

He also announced the launch of the third cohort of the Regulatory Sandbox, which will focus on peer-to-peer (P2P) lending. The Regulatory Sandbox provides a structured testing environment that allows FinTech entrepreneurs to experiment with their innovative applications for a specified period, according to agreed standards.

The Governor further stated that CBE has issued regulations for licensing and regulatory framework for digital banks. This marks the emergence of a new era of digital banking services, allowing these banks to provide their services to customers digitally without the need for physical branches.

This will positively impact their ability to reach more customers and their pricing policies.
The conference witnessed the signing of a memorandum of understanding between the Central Bank of Egypt and its Nigerian counterpart to exchange experiences in the fields of FinTech, innovation, digital payments and financial inclusion.

The agreement was signed by Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt on behalf of the Egyptian side and Ms. Aisha Ahmed, Deputy Governor of the Central Bank of Nigeria, on behalf of the Nigerian side.

Furthermore, CBE signed a joint cooperation memorandum with the London Institute of Banking and Finance, a subsidiary of the University of London. The memorandum includes the institute’s provision of training courses, workshops, educational and qualification programs designed specifically to support and strengthen FinTech cadres in the Egyptian market, including those working in the banking sector, graduates, as well as school and university students.

Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, and Ms. Aisha Ahmed, Deputy Governor of the Central Bank of Nigeria have participated in the main session.

The session discussed the future of banks and banking services in light of FinTech developments and the new role of central banks imposed by these developments. Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, stated that “CBE adopts a balanced regulatory policy aiming to encourage the emergence of more innovative FinTech activities and services as well as expand their use without compromising the regulatory measures that ensure the safety of all parties within the Egyptian market.

CBE has established a supportive legislative and regulatory framework for FinTech services that considers the needs of the market and maintains monetary and banking stability.”

The parallel sessions included a constellation of leading international, regional, and local experts in the field of FinTech. The sessions covered various relevant aspects of financial technology, digital payments, e-commerce, digital financial inclusion, cybersecurity and other important topics, all aimed at concerted efforts to provide more inclusive technological financial services.

The conference also included the screening of a short documentary highlighting the efforts of CBE in digital transformation and its continuous role as a supporter and catalyst for the FinTech. Another documentary illustrating the latest developments in the indicators of the Egyptian FinTech landscape