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    ICT Minister, CBE Governor Agree to Enhance Cooperation in Achieving Financial Inclusion

    Cairo, 22 June 2018

    In his first visit to the headquarters of the Ministry of Communications and Information Technology (MCIT) at Smart Village, the Governor of the Central Bank of Egypt (CBE) Tarek Amer met, yesterday, with the Minister of Communications and Information Technology Amr Talaat, where  they agreed to enhance joint cooperation in implementing a number of strategic projects related to developing e-payment system and enhancing financial inclusion. This is in addition to discussing means to support and encourage young innovators and entrepreneurs in areas of financial technology and microfinance services.

    During his visit, CBE Governor was accompanied by CBE Deputy Governor Lobna Helal, and CBE Sub Governor for Payment Systems and Information Technology Sector Ayman Hussein. The meeting was attended by a number of MCIT officials, including the First Deputy ICT Minister for Planning, Digital Transformation and Automation Khaled Al Attar, and MCIT-Head of Communications and Infrastructure Sector Raafat Hendi.

    For his part, Amer said that CBE and MCIT have agreed to develop a comprehensive multifaceted plan aimed at achieving financial coverage, promoting the society as a whole, and transforming Egypt into one of the most important hubs in attracting investments in financial technology and ICT industries. This is in addition to encouraging young talents of Egypt's engineers and scientists, benefiting from their ideas and supporting their innovations through CBE initiatives.

    Amer pointed out that he is confident of the achievement and success of this plan thanks to the experience of the ICT Minister and his assistants in this area, as well as the expertise and capabilities of the Egyptian banking system.

    In this context, the ICT Minister highlighted the significance of cooperation with CBE to implement the country's strategy for the transition to a digital economy in light of the key role played by CBE to promote the concept of financial inclusion and integration of the informal economy into the official economic system.

    In addition, Talaat highlighted MCIT role in achieving the transition to the digital economy through cooperation with CBE, with a view to enhancing the role of ICTs in promoting the digital economy, enhancing e-commerce and providing a secure technological infrastructure that supports access to all financial services and making them available to all society categories through the e- payments system and mobile payment services. This is in addition to providing financial inclusion services to citizens via Egypt Post nationwide.

    The meeting also discussed enhancing mutual cooperation in supporting young innovators in entrepreneurship areas and providing  financial support required to finance their projects through the initiatives adopted by CBE, and motivate young people to innovate and develop ideas aimed at developing the economy. This is in addition to providing micro-financial services, qualifying graduates to work in the ICT field within the banking system and activating the provision of financial support and funding for ICT projects.

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