The Central Financial institution of Egypt (CBE) hosted two delegations from the Financial institution of Ghana as a part of its efforts to strengthen cooperation with African central banks and trade experience in knowledge administration, synthetic intelligence (AI), digital transformation, and cybersecurity.
The primary delegation visited the CBE over a number of days to find out about Egypt’s expertise in digital transformation, AI, superior analytics, knowledge governance, and the event of economic providers.
In the course of the go to, the delegation was launched to the CBE’s built-in knowledge administration system, together with knowledge governance, Supervisory and Regulatory Expertise (SupTech and RegTech) purposes, and the usage of AI to help financial coverage, inflation forecasting, and labour market evaluation.
Discussions additionally lined the CBE’s efforts to boost supervisory and oversight mechanisms, enhance knowledge assortment and evaluation processes, and deploy AI-powered chatbots to help operations and improve institutional effectivity.
The programme included a presentation on the CBE’s Digital Transformation Technique and Egypt’s expertise in increasing the digital funds ecosystem. Officers outlined measures to help the transition in direction of a less-cash society by way of the event of nationwide funds infrastructure, the strengthening of regulatory and legislative frameworks, and the launch and enlargement of digital fee methods and providers.
The delegation additionally reviewed a number of of the CBE’s flagship initiatives, together with the Instantaneous Cost Community (IPN), the InstaPay software, tokenisation applied sciences that help safe digital funds, and the Digital Monetary Id (eKYC) system, which allows digital buyer identification and verification.
In a parallel initiative, a second delegation from the Financial institution of Ghana visited the CBE for 2 days to profit from Egypt’s experience in cybersecurity. The go to marked the delegation’s second engagement with the CBE and centered on the operational framework of the Egyptian Monetary Computing Incident Response Crew (EG-FinCIRT).
The discussions examined governance frameworks for digital monetary providers, in addition to the mechanisms used to authorise fintech purposes and rising technological options earlier than their launch within the Egyptian market.
The delegation additionally reviewed the CBE’s method to cyber danger evaluation and resilience by way of the Egyptian Monetary Cybersecurity Framework (EG-FinCSF). Officers highlighted that an enhanced second model of the framework is presently being ready for launch to maintain tempo with the quickly evolving world cyber panorama and introduce extra versatile and exact supervisory and evaluation instruments to strengthen the safety of banks and monetary establishments.
The visits replicate the CBE’s dedication to increasing technical cooperation and capability constructing with African central banks, supporting larger monetary and banking integration throughout the continent.
