Egypt Central Bank Initiates A Development Sprint

On Saturday, in collaboration with the Financial Regulatory Authority (FRA), the Central Bank of Egypt (CBE) initiated the 'COVID-19 Development Sprint' to solve the pandemic's problems across financial technology methods.

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Given the pandemic effects, the program would promote entrepreneurship and start-ups to develop financial technology solutions that address the needs of banks and other financial institutions.

The invention battle will occur in March for three days, and entry will take effect via the FinTech Egypt portal mostly during the duration of 19 January to 19 February.

As part of Egypt's development into some local financial technology center in Africa and the Middle East, Rami Aboul Naga, Deputy Governor of the Central Bank, said that the project is in sync with its priorities the financial technology plan confirmed in 2019.

"This initiative represents a promising opportunity for entrepreneurs and start-ups to present their innovative products to banks and financial institutions to help facilitate the provision of banking and financial services to customers," Aboul Naga added, as reported by a leading daily.

It will pick founders and leaders of emerging firms with innovative and appropriate proposals. To accomplish models for achievable technologies, interactive conferences and lectures will take place on the Internet, taking them along with members of banks and financial institutions.

It should be remembered that the Development Sprint is overseen by the FSD Africa Foundation and the DFS Lab to improve international collaboration in the area of economic research and science with a view to the ongoing effects of the coronavirus pandemic.

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