CBE: we act to make digital banking services accessible to all segments

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Press Photo -Tarek Amer, Governor of the Central Bank of Egypt

CAIRO – March 6, 2022: The Central Bank of Egypt (CBE) is taking action to make digital banking services accessible to all segments of society, Deputy Governor of Payments Systems Ayman Hussein said on Sunday.

This is part of a national payments strategy adopted by President Abdel Fattah El Sisi, Hussein said in a speech on behalf of CBE Governor Tarek Amer at a financial technology forum organized by the Foundation. Al Ahram earlier today.

The CBE plans to expand the establishment of digital banks and make all digital services available 24/7 through an instant electronic payment network, Hussein said.

Worth LE 1.3 billion, an innovation support fund has already been launched, with contributions from Banque Misr, Banque du Caire and the National Bank of Egypt, Hussein said. , noting that the CBE has ordered all banks to expand digital services.

Indeed, fintech has helped banks implement more than 1 billion digital transactions that amounted to some LE 2.8 trillion, the CBE official said at the conference.

He said the EPC has established the necessary legal and digital foundations to regulate the electronic payment process.

Technology has become an important part of everyday life, Hussein acknowledged, adding that the banking industry is well aware of its importance in helping achieve a leap forward in financial services.

The CBE is keen to digitize all financial services, Hussein stressed, noting that this is in line with the goals of the National Payments Council (NPC), chaired by President Sisi, to reduce dependence on banknotes.

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