Hussain made his statements in a speech at a fintech conference organised by Al-Ahram Establishment on Sunday.

He noted that the CBE is set to launch a fund that aims to support technology and innovation with a capital surpassing EGP 1.3 billion with the participation of the National Bank of Egypt, Banque Misr, and Banque Du Caire.

The CBE is also ramping up to launch a digitised system called ‘Know Your Customer’ (EKYC), which will enable citizens to open their bank accounts online without needing to visit bank branches, according to Hussain.

Furthermore, Hussain expounded that the CBE launched its strategy for fintech and innovation in March 2019 as per Egypt’s Vision 2030 with the objective of turning the country into a regional hub for the fintech industry.

Additionally, the CBE designed the legislative and regulatory frameworks that are necessary for supporting and stimulating this digital transformation.

Fintech in the Egyptian market grew considerably over the past five years, as venture capital investments hit $159 million with 32 deals concluded in 2021, up from only $1 million raised in 2017 from three fintech deals, according to Fintech Egypt’s report.

FinTech Egypt is an initiative launched by the CBE in order to provide a comprehensive and holistic overview of the unprecedented growth that the fintech sector has been experiencing.