In a move reflecting Egypt’s commitment to strengthening collaboration with fellow Arab states, the Central Bank of Egypt (CBE) recently hosted a high-level delegation from the Central Bank of Iraq (CBI), led by its Deputy Governor, Dr. Ammar Khalaf. The visit aimed at exchanging expertise across key areas of central banking operations.
Key Meetings and Discussions
Mr. Tarek ElKholy, Deputy Governor of the CBE, received the Iraqi delegation and discussed potential areas for joint cooperation. During the visit, the CBE highlighted major developments across Banking Supervision, Financial Inclusion, FinTech, Payment Systems and Services, and Consumer and Competition Protection.
Showcasing Egypt’s FinTech Innovations
The delegation received detailed presentations on leading initiatives, including the National Payment Scheme “Meeza”, the Instant Payment Network (IPN), the National Card Tokenization Platform, electronic wallets, and the licensing framework for Payment Service Providers (PSPs). The CBE also outlined its FinTech and Innovation Strategy, focusing on the Regulatory Sandbox, which provides a live environment for testing innovative financial applications.
Financial Inclusion and Capacity Building
The Iraqi delegation explored Egypt’s efforts in promoting financial inclusion, supporting national talents in FinTech, and empowering community segments to make sound financial decisions. The discussions covered financial literacy initiatives, a cornerstone of CBE’s strategy to foster public trust and drive sustainable economic growth.
Support for MSMEs and Risk Management
The visit highlighted the CBE’s initiatives alongside the banking sector to support entrepreneurship and facilitate access to financial and non-financial services for Micro, Small, and Medium-sized Enterprises (MSMEs). Delegates gained insights into supervision mechanisms, licensing procedures, the supervisory framework, and knowledge exchange on credit risk aggregation.
Strengthening Trust and Compliance
The Iraqi delegation reviewed Egypt’s efforts in implementing anti-fraud, anti-money laundering, and countering the financing of terrorism (AML/CFT) practices. These measures enhance financial stability and elevate the banking sector’s competence.
A Model of Regional Collaboration
This collaboration underscores the fruitful partnership between both central banks, leveraging expertise in emerging fields and regulatory frameworks amid global developments. The Central Bank of Iraq commended the CBE’s exemplary efforts and transformative progress over recent years.
