CBE; Fundamentals of «FinTech» Course to be Integrated into Universities’ Curricula in Egypt

To keep ahead of the latest technological developments in the banking sector, in addition to linking academic education to the requirements of the job market, FinTech Egypt – an initiative by the CBE – announced the introduction of “Fundamentals of FinTech” course within the curriculum of several universities. This comes under the “FinYology” initiative, in collaboration with the Egyptian Banking Institute (EBI) as a strategic partner.

The newly introduced course is scheduled for the current academic year at the Arab Academy for Science, Technology and Maritime Transport “AAST”, Newgiza University “NGU”, as well as the British University in Egypt “BUE”, as a first phase, followed by other universities in subsequent stages.

For his part, Eng. Ayman Hussein, First Sub-Governor for the Information Technology Sector at the CBE stated, “Teaching the new module comes in continuation of the CBE’s unwavering efforts towards the advancement of the FinTech ecosystem in Egypt, and within the framework of implementing the FinTech and Innovation Strategy, that focuses on fostering young cadres as one of its key pillars”. Furthermore, Eng. Ayman emphasized that “FinYology” initiative was launched in February 2020 to spread digital financial education among university students, highlighting that the initiative witnessed the participation of 18 banks operating in Egypt, as well as more than 25 public and private universities. He added that the number of university projects related to financial technology exceeded 500 projects, submitted by nearly 7,000 university students in various specializations.

Dr. Abdel Aziz Nossier, Executive Director of the Egyptian Banking Institute (EBI), expressed his content for the CBE’s appointment of EBI to implement the expansion of “FinYology – FinTech for Youth” initiative, by endorsing a new comprehensive curriculum on the principles of FinTech for students in relevant faculties at Egyptian universities. He added, “This step aligns with the Institute’s strategy to empower students and fresh graduates, equipping them with the necessary skills and capabilities for the job market, in addition to launching valuable projects that enhance the economy. This will only be achieved through promoting the latest applications and prospects offered by the adoption of FinTech in different fields and work mechanisms.”

It is noteworthy that the content of the “Fundamentals of Financial Technology” course has been prepared in collaboration with The London Institute of Banking & Finance (LIBF), which has extensive experience of  140 years in the field of capacity building for banking and financing institutions. LIBF develops and delivers specialized educational programs in the field of FinTech in countries across the MENA and North Africa regions. This comes within the framework of activating the Memorandum of Understanding (MoU) signed between the CBE and LIBF, in July 2023, during the Seamless North Africa 2023 conference. The MoU includes providing training courses, workshops, educational and qualification programs specifically designed to focus on supporting and fostering FinTech cadres in the Egyptian market, whether they are employees in the banking sector, graduates, or students at schools and universities.