The Central Bank of Egypt (CBE) is intensifying its efforts to cultivate a robust financial technology ecosystem, as highlighted in its latest Financial Stability Report. The bank’s flagship FinTekrs initiative has proven highly successful, supporting a new generation of fintech innovators and solidifying Egypt’s position as a growing hub for financial technology in the region.
FinTekrs Initiative Achieves Key Milestones
According to the report, the FinTekrs initiative has made significant strides in nurturing local talent and innovation. To date, the program has successfully incubated over 255 companies, providing them with essential resources, mentorship, and support. From this cohort, a total of 38 fintech startups have successfully graduated, equipped to enter the market with viable products and business models. This achievement underscores the CBE’s commitment to creating a sustainable pipeline of fintech ventures that can address market needs and drive digital transformation in Egypt’s financial sector.
Fostering Talent with Finyology Fundamentals
Building on this momentum, the CBE has also launched Finyology Fundamentals, a strategic initiative aimed at embedding fintech education at the university level. The program is currently active in eight universities, offering specialized educational material through its FinYology program. This academic track involves collaboration on over 60 projects with the participation of more than 800 students, bridging the gap between theoretical knowledge and practical application. The success of this educational push was recently demonstrated when Egyptian teams secured first place at the 2024 Arab FinTech Challenge, highlighting the quality of talent emerging from the local ecosystem.
Strengthening Regulatory Frameworks
Alongside its incubation and education efforts, the Central Bank is actively working to create a supportive regulatory environment. The CBE is currently finalizing the third session of its regulatory conference focused on financial technology applications. This session is dedicated specifically to the activities of lending-based crowdfunding, indicating a proactive approach to developing clear and enabling frameworks for new and emerging fintech models in the country.
About The Central Bank of Egypt
The Central Bank of Egypt (CBE) is the central monetary authority of Egypt. It is responsible for formulating and implementing monetary, credit, and banking policies, supervising the banking sector, and managing the state’s foreign exchange reserves. In recent years, the CBE has taken a leading role in championing Egypt’s fintech strategy, aiming to foster innovation and enhance financial inclusion through technology.
Source: Al Mal News
