The Central Bank of Egypt (CBE) has stated that the financial technology sector is one of the main pillars in developing Egypt’s banking and financial sector.
Various solutions are presented in the Egyptian financial technology market every year, making Egypt a fertile environment ready to develop this vital sector and as a catalyst for current and future innovation. Consequently, the Egyptian market is deemed a promising and attractive market in this field, which qualifies it to become a pioneer at the regional level.
In the recently issued Financial Technology Egypt 2023 Perspective Report, CBE said Egypt strives to support and encourage innovation in financial technology. It added that this could contribute to reshaping the economy and transforming it into one in financial technology. It was added less dependent on banknotes. This is part of the state’s relentless endeavors toward transforming the economy into digital. It is also an essential aspect of the economic reform program that the Egyptian state has pursued for years. Moreover, it aligns with the sustainable development strategy, which aims to achieve a diversified, competitive economy and higher financial inclusion rates under the umbrella of Egypt’s National Vision 2030, led by President Abdel Fattah El-Sisi.
According to CBE, financial technology in Egypt has witnessed unprecedented leaps over the past year due to the participation of more stakeholders in this field. The joint efforts between regulatory and supervisory government agencies have contributed to regulating the private work environment.
CBE also highlighted other vital roles for all partners in the financial technology field, including startups, payment service providers, venture capitalists, angel investment networks, business incubators, accelerators, banks operating in Egypt, and financial infrastructure providers. All these agencies played an essential and pivotal role in developing this ecosystem in Egypt, especially recently.
