DIPLOMATIC ECONOMY

CBE: Egypt Seeks To Boost Fintech Cooperation With African Countries

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By Taarek Refaat

Deputy Governor of the Central Bank of Egypt (CBE) Rami Aboul Naga confirmed that the bank aims to enhance cooperation with various African countries in the areas of innovation, financial technology (FinTech) and artificial intelligence, so that the continent can face global challenges after the outbreak of the Corona pandemic.

The deputy governor said, during a session held on Friday, on the sidelines of the 29th meetings of the African Export-Import Bank Afreximbank in the Administrative Capital on the use of alternative data and machine learning in forecasting trade in Africa, that the world is going through a delicate period currently.

Aboul Naga continued, that this period requires us to use all tools and mechanisms, including technology and digital transformation, to meet the challenges and reduce the difficulties of communication, transfer, employment and good use of technology.

He explained that the world is witnessing steady changes, which made the Central Bank of Egypt pay great attention to modern technological mechanisms and artificial intelligence, as it is interested in embracing youth innovations through the Innovation Center of the Central Bank, and is interested in big data applications.

He stressed the need to work on using all the tools available at the Central Bank, as well as cooperating with African central banks and the African Export-Import Bank to face the current challenges the world and the countries of the continent are witnessing due to the financial crisis sweeping the world.

He pointed out that the Central Bank had prepared proactive measures before the Corona pandemic and the Ukrainian crisis to confront the current inflation, and it was constantly monitoring all economic indicators and market data to follow all developments with the aim of enabling decision makers to take the necessary decisions and actions correctly and in advance.

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