During Seamless North Africa 2023, yesterday, the Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboulnaga, affirmed that the bank’s strategy aims to transform Egypt into a regional hub for financial inclusion, make a shift towards a society less dependent on cash payments, increase economic growth rates, and limit the repercussions of global crises.
According to Aboulnaga’s statements, the CBE’s strategy depends on providing financial services that are accessible to remote areas, achieving financial inclusion, providing an incubating environment and a legislative framework that supports those services, and ensuring demand for them as well.
The deputy governor made the remarks during a speech he delivered at the opening of the Seamless North Africa 2023 conference, held under the auspices of the Egyptian Cabinet, the Central Bank of Egypt, and the Arab League.
He noted that the CBE introduced a fintech regulatory sandbox and set rules for the Instant Payment Network (InstaPay), which saw transactions amounting to EGP 112.7 bln over the period from March 2022 to March 2023. The official added that the number of Meeza payment cards issued increased to 33 M, while the number of mobile phone wallets nationwide reached 30 M.
