Egypt considers establishing digital banks: CBE governor

CAIRO – 6 February 2018: The Governor of Central Bank of Egypt, Tarek Amer, said that the financial technology (FinTech) conference aims to support entrepreneurs and to expand modern and financial technologies.

Amer added that Egypt is considering the idea of establishing digital banks.

The central bank of Egypt and the government are working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs), according to Amer’s speech.

Amer referred to the five percent increase in the Egyptian economy.

Egypt hosts the financial technology “Seamless North Africa FinTech” conference between February 6 and 7, 2018, said Egypt’s central bank in a statement on Friday.

The conference encompasses three key pivotal issues: FinTech, payments and e-commerce, according to the statement.

“Seamless North Africa” aims to bring together different players, such as financial institutions, startups, venture capital, accelerators and incubators, to establish an integrated FinTech- ecosystem, the statement showed.