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The Central Bank of Egypt (CBE) is acting to make digital banking services accessible to all segments of society, said Sub-Governor for Payment Systems Ayman Hussein Sunday.

This is part of a national strategy for payments adopted by President Abdel Fattah El Sisi, Hussein said in a speech on behalf of CBE Governor Tarek Amer during a financial technology forum organized by the Al Ahram Foundation earlier today.

The CBE plans to expand the establishment of digital banks and make all digital services available 24/7 through an instant electronic payment network, Hussein said.

Worth LE 1.3 billion, a fund to support innovation has already been launched, with contributions from Banque Misr, Banque du Caire and the National Bank of Egypt, Hussein made it clear, noting that the CBE has directed all banks to expand digital services.

Indeed, financial technology has helped banks implement more than one billion digital transactions that amounted to some LE 2.8 trillion, the CBE official told the conference.

He said that the CBE has established the legal and digital foundations needed to regulate the electronic payment process.

Technology has become a major part of daily life, Hussein acknowledged, adding that the banking sector is well aware of its importance to help achieve a quantum leap in financial services.

The CBE is keen on digitizing all financial services, Hussein stressed, noting that this is in line with goals of the National Payments Council (NPC), which is chaired by President Sisi, meant to reduce reliance on banknotes.

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