The event, bringing together top figures from Egypt’s banking and non-banking sectors to discuss the sector’s contribution to inclusive and sustainable growth. served as a strategic platform for exchanging views on the future of the financial system and its pivotal role in driving economic stability and development.
Among the speakers were Mohamed El-Etreby, Chairman of the National Bank of Egypt (NBE) and the Federation of Egyptian Banks; Hisham Ezz Al-Arab, Chairman of the Commercial International Bank (CIB); and Walid Hassouna, CEO of VALU.
In his opening remarks, Moataz Raslan, Chairman of the Canadian Egyptian Business Council, emphasized the private sector’s strong commitment to supporting the government’s development agenda.
He described banks as the “pillar of financial activity and the backbone of economic stability,” noting that personal financial inclusion in Egypt rose to 76.3 percent in June 2024, an increase of 214 percent since 2016, thanks to the rapid spread of mobile wallets, prepaid cards, and innovative financial products.
Raslan stressed that digital transformation is no longer an option but a necessity, describing the adaptation to financial technology as a “survival and continuity imperative.” He added that the banking sector has evolved beyond its traditional role of financing major projects to become a catalyst for innovation and inclusion.
Despite its achievements, he warned that the industry faces growing challenges from technological acceleration, artificial intelligence, and cyber threats, which require a proactive approach and a renewed spirit of innovation and flexibility.
For his part, El-Etreby explained that Egypt’s banking sector has already taken major strides in digital transformation. He said that banks have adopted two models in this regard: establishing independent entities for digital services or creating subsidiaries owned by the banks themselves, both of which have proven successful.
El-Etreby also revealed that total contributions to the Fund for Supporting and Developing the Banking Sector have reached around EGP 11 billion.
The fund, supervised by the Central Bank of Egypt, aims to promote digital transformation, enhance human capital efficiency, and modernise the sector’s infrastructure in line with global standards.
He projected that Egypt’s inflation rate is expected to drop to single digits by 2027 as a result of ongoing monetary and fiscal reforms, a more favourable investment climate, and growing foreign currency inflows.
El-Etreby added that the economy has shown significant improvement, with growth reaching 4.4 percent, the highest in three years, foreign exchange reserves standing at $49.5 billion, and net foreign assets amounting to $17.9 billion.
According to El-Etreby, tax revenues increased by 36 percent to EGP 2.2 trillion, driven by the expansion of electronic collection systems and the amicable settlement of tax disputes.
He noted that the unification of the exchange rate has restored confidence in the national economy, with remittances from Egyptians abroad rising to around $36.5 billion.
El-Etreby outlined the NBE’s transformation strategy, which focuses on digitalisation, the application of artificial intelligence, financial inclusion, sustainability, and human capital development. He pointed out that the bank issued EGP 428 billion in green finance during the second quarter of 2025 in support of environmentally friendly projects, while its micro, small, and medium enterprise (MSME) portfolio reached EGP 178 billion.
Financial inclusion, he said, has expanded from just 12 percent a few years ago to more than 76 percent today, marking a major national success in integrating new social segments into the formal financial system.
Meanwhile, Hassouna highlighted the complementary relationship between banks and fintech firms. “Banks are not our competitors; they are our partners,” he said, explaining that VALU operates as a wholesaler by financing individuals, securitising the debt, and offering the bonds to banks for purchase.
This, he added, demonstrates the interdependence within Egypt’s financial ecosystem. He described Egypt as an open market for innovation and praised the willingness of local banks to embrace experimentation, pointing to recent IPOs on the Egyptian Exchange as a positive sign of market dynamism.
CIB’s Ezz Al-Arab, underscored the importance of financial stability and innovation. He noted that about 75 percent of risks faced by banks stem from monetary policy, while the remaining 25 percent are linked to broader state policies, adding that the lessons learned from past experiences have strengthened the sector’s resilience.
Ezz Al-Arab observed that loan growth has reached unprecedented levels as more companies pursue expansion through venture capital financing. On digital transformation, he praised the Central Bank of Egypt’s introduction of the Digital Bank Licence, describing it as a landmark step for the sector. He also pointed to the growing reliance on artificial intelligence and data analytics, which now enable banks to anticipate customer challenges months in advance and deliver more accurate, emotion-free decision-making.
He expressed pride in the progress of the Egyptian banking system, stressing that technology will continue to drive its development. However, he called for closer regulatory coordination between the Central Bank and the Capital Market Authority to ensure a more cohesive digital environment.
The Canadian Egyptian Business Council, one of the most active platforms promoting investment and trade between Egypt and Canada, and the Egyptian Council for International Cooperation, which plays a leading role in supporting Egypt’s international economic relations, reaffirmed their commitment to advancing dialogue on issues central to the country’s economic development and global integration.
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