In a significant development for Egypt’s financial technology sector, Rami Aboul Naga, the Deputy Governor of the Central Bank of Egypt, announced the release of the annual Financial Technology Report for 2022 under the “FinTech Egypt” initiative. Speaking at the Seamless North Africa Conference, Aboul Naga shed light on the comprehensive insights provided in the report, showcasing the remarkable progress and advancements in the Egyptian market’s financial technology landscape.
The report revealed a multitude of positive indicators that highlighted the sector’s growth throughout 2022. Most notably, the number of startups operating in the field skyrocketed to an impressive 177 companies, a fivefold increase compared to previous years. This surge in startups was accompanied by investments exceeding a staggering $800 million, signifying a robust influx of funding and confidence in the sector’s potential.
During his speech, Aboul Naga emphasized the Central Bank’s unwavering commitment to supporting and encouraging digital transformation within Egypt’s banking sector. Recognizing the importance of meeting consumer needs and achieving sustainable development, he stressed the secure and effective utilization of financial technology. With the Central Bank’s backing, the goal was to foster an environment conducive to innovation, ensuring that technological advancements align with the nation’s banking requirements.
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At the Seamless North Africa 2023 conference, Aboul Naga underscored Egypt’s readiness to embrace financial technology, attributing it to the collective efforts of various institutions working harmoniously. The country possessed the necessary supporting factors and capabilities to drive financial technology adoption across different segments of society. Aboul Naga commended Egypt’s utilization of all available resources and capabilities, a testament to the nation’s commitment to technological transformation under the leadership of President Abdel Fattah El-Sisi.
Recognizing the importance of infrastructure development in the banking sector, Aboul Naga emphasized the Central Bank’s keen focus on enhancing the digital landscape. Strengthening financial technology and creating a legislative environment that nurtures innovation in digital banking services were identified as key priorities. The Central Bank also aimed to protect consumer rights, ensuring transparency in banking operations to foster trust and confidence in the sector.
With the issuance of the Financial Technology Report for 2022 and the remarkable growth of startups in the sector, Egypt’s financial technology landscape was poised for continued advancement. The concerted efforts of the Central Bank and other institutions indicated a clear commitment to harnessing the potential of technology, driving sustainable development, and meeting the evolving needs of Egypt’s banking sector and its consumers.
fintech Egypt fintech Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard