The Egyptian banking system processed 1 billion electronic transactions in 2021 : CBE – Tech – Business


Hussain made his statements while speaking at a fintech conference hosted by Al-Ahram Establishment on Sunday.

He noted that the CBE is about to launch a fund which aims to support technology and innovation with a capital exceeding EGP 1.3 billion with the participation of the National Bank of Egypt, Banque Misr and Bank of Cairo.

The CBE is also accelerating the launch of a digitized system called “Know Your Customer” (EKYC), which will allow citizens to open their bank accounts online without having to visit bank branches, according to Hussain.

Furthermore, Hussain explained that the CBE launched its strategy for fintech and innovation in March 2019 in line with Egypt’s Vision 2030 with the aim of transforming the country into a regional hub for the technology industry. fintech.

In addition, the CBE has designed the legislative and regulatory frameworks necessary to support and stimulate this digital transformation.

Fintech in the Egyptian market has grown significantly over the past five years, with venture capital investments reaching $159m with 32 deals closed in 2021, compared to just $1m raised in 2017 from three deals. fintech, according to the Fintech Egypt report.

FinTech Egypt is an initiative launched by the CBE to provide a comprehensive and holistic overview of the unprecedented growth that the fintech sector is experiencing.

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