Fintech serves as keystone element in banking, financial development in Egypt

The Central Bank of Egypt (CBE) has stated that the financial technology sector is one of the main pillars relied upon in the development of the banking and financial sector in Egypt.

Various solutions are presented in the Egyptian financial technology market every year, making Egypt a fertile environment that is ready for developing this important sector, in addition to acting 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.

Supporting and encouraging innovation in financial technology

In the recently issued Financial Technology Egypt 2023 Perspective Report, CBE said that Egypt is striving to support and encourage innovation in the field of financial technology. It added that this can contribute to reshaping the economy and transforming into one that is less dependent on banknotes. This is part of the state’s relentless endeavors towards transforming the economy into a digital one. It is also an important aspect of the economic reform program that the Egyptian state has been pursuing for years. Moreover, it is line with the sustainable development strategy, which aims to achieve a diversified competitive economy and higher rates of financial inclusion, under the umbrella of Egypt’s National Vision 2030 led by President Abdel Fattah El-Sisi.