Fundamentals of fintech to be incorporated into higher education curriculum starting 2024/2025

Doaa A.Moneim , Thursday 9 May 2024

The fundamentals of financial technology (fintech) is slated to be incorporated into the curriculum of higher education in Egypt starting the academic year 2024/2025, the Central Bank of Egypt (CBE) announced on Thursday.

Central Bank of Egypt


Fintech Egypt, a CBE-powered initiative, announced the introduction of the "Fundamentals of Fintech" course in collaboration with the Egyptian Banking Institute (EBI), as part of the "FinYology" programme. 

The course will be taught in selected universities, starting with the Arab Academy for Science, Technology, and Maritime Transport (AAST), New Giza University (NGU), and the British University in Egypt (BUE) during the initial phase of the programme, with plans to expand to other universities in subsequent stages.

“The CBE has taken a significant step towards bridging the gap between academic education and the evolving demands of the banking sector,” said the CBE.
Ayman Hussein, the first sub-governor for the Information Technology Sector at the CBE, emphasized the institution's commitment to advancing the fintech ecosystem in Egypt. 

The introduction of the new course aligns with the CBE's FinTech and Innovation Strategy, which emphasizes nurturing young talent, he added.

Hussein highlighted the success of the FinYology initiative, launched in February 2020. The initiative garnered participation from 18 banks and over 25 public and private universities.

To date, the initiative has received more than 500 fintech-related projects from nearly 7,000 university students across various disciplines.

Abdel-Aziz Nosseir, executive director of the EBI, underscored the importance of equipping students and fresh graduates with the necessary skills and capabilities to excel in the job market.

He highlighted the institute's commitment to launching projects that contribute to the economy and promote the adoption of fintech in various sectors.

The content of Fundamentals of Fintech was developed in collaboration with the London Institute of Banking and Finance (LIBF). 

With 140 years of experience in capacity-building for banking and financial institutions, the LIBF has played a crucial role in designing specialized educational programmes in fintech across the MENA region.

The collaboration between the CBE and LIBF, which was formalized in a memorandum of understanding signed in July 2023, aims to provide training courses, workshops, and educational programmes to support and nurture fintech professionals in Egypt, including banking sector employees, graduates, and students.

The fintech landscape in Egypt has boomed over the past few years. The CBE’s Egypt’s FinTech Landscape Report 2023 indicates that Egypt’s fintech investments hit a milestone in 2022.

According to the report, fintech and fintech-enabled startups and payment service providers (PSPs) attracted $796.5 million, whereas private equity investments garnered $437.7 million. A total of $358.8 million in venture capital investments were multiplied by 28.7 times in the past three years.

The report also showed that Egypt’s fintech industry has witnessed traction from regional and international investors, starting in 2020, representing almost 50 percent of the total investors surveyed.

Egypt’s fintech startup ecosystem has expanded more than five-fold in the past five years, reaching 177 startups and PSPs in more than 14 innovative fintech sub-sectors. 

Thirty percent of the 177 startups and PSPs have grown substantially and expanded to regional and global markets.

Egypt’s banking sector injected a total of $290 million into fintech companies in 2022, according to the report.

Short link: