The Central Bank of Egypt (CBE) has announced a significant step in its mission to modernize the country’s financial landscape with the establishment of the Banking Reform and Development Fund. This new entity is designed to accelerate the modernization of Egypt’s banking system, bringing it in line with international best practices and fostering a new era of digital finance and innovation.
A Board of Banking and Tech Heavyweights
The fund will be chaired by CBE Governor Hassan Abdalla, who has assembled a diverse 11-member board blending deep expertise from both the banking and technology sectors. This strategic composition underscores the CBE’s commitment to a comprehensive vision for the national banking system.
The board includes the CBE’s Deputy Governors Rami Aboulnaga and Tarek ElKholy. Representing the banking community are prominent leaders such as Mohamed El Etreby, CEO of the National Bank of Egypt (NBE); Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank Misr (FABMISR); Akef El Maghraby, CEO of Suez Canal Bank; Tamer Waheed, Vice Chairman of the Arab African International Bank (AAIB); and Mohamed Abdelkader, Managing Director of Citibank Egypt.
Crucially, the board also features three independent members from outside the traditional banking sector: Mohamed Abdallah, CEO of Vodafone Egypt; Hoda Mansour, Managing Director of Sukari Gold Mines; and Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade. This inclusion aims to inject fresh perspectives on technology, infrastructure, and strategic development into the fund’s operations.
A Mandate for Modernization
The fund’s core mandate is to provide financial and technical support for projects that strengthen the entire banking ecosystem. Key focus areas include bolstering technological infrastructure, enhancing cybersecurity resilience, and investing in human capital development. It will also work to advance shared infrastructure for national payment systems, support digital and financial technology capabilities, and foster innovation in banking products and services. A primary goal of the initiative is to promote financial literacy and expand financial inclusion across Egypt.
Empowering Investment and Collaboration
Operating as an independent legal entity affiliated with the CBE, the fund has the authority to establish or invest in joint-stock companies. This provides a powerful mechanism to directly fuel innovation and support emerging ventures in the fintech space. Furthermore, the fund is empowered to enter into cooperation agreements with local and international organizations, enabling it to exchange expertise and leverage global best practices to achieve its developmental objectives.
About The Banking Reform and Development Fund
Established under Law No. 194 of 2020, the Banking Reform and Development Fund is an independent legal entity affiliated with the Central Bank of Egypt. Its mission is to modernize the nation’s banking system by supporting technological infrastructure, cybersecurity, digital innovation, and financial inclusion initiatives across all Egyptian banks.
Source: Zawya
