The Central Bank of Egypt (CBE) recently hosted a high-level delegation from the
Central Bank of Iraq (CBI) to strengthen ties and share expertise on central banking operations.
The visit, led by CBE Deputy Governor Tarek ElKholy and CBI Deputy Governor
Dr. Ammar Khalaf, focused on opportunities for joint cooperation and highlighted the
CBE’s progress in various sectors.
Innovations in FinTech and Digital Payments
A key part of the visit was a presentation on the CBE’s advanced FinTech and payment initiatives.
These include the Meeza National Payment Scheme, the Instant Payment
Network (IPN), and the National Card Tokenization Platform.
The delegation also learned about the CBE’s FinTech and Innovation Strategy, which
includes the Regulatory Sandbox, a controlled environment for testing new applications.
Promoting Financial Inclusion and Literacy
The Iraqi delegation explored Egypt’s remarkable progress in financial inclusion,
aimed at empowering the public to make smarter financial decisions.
Discussions also covered financial literacy initiatives, which are crucial for building
public trust in the banking sector and driving sustainable economic growth.
Supervision, Entrepreneurship, and SME Support
The visit highlighted the CBE’s efforts to support entrepreneurship and provide
financial and non-financial services to Micro, Small, and Medium-sized Enterprises (MSMEs).
The delegation also gained insights into the CBE’s supervisory framework, including
on-site and off-site mechanisms, licensing procedures, and credit risk aggregation.
Reinforcing Financial Stability and Combating Financial Crime
The CBI delegation was briefed on Egypt’s ongoing efforts to enhance trust
in the banking system by implementing the latest anti-fraudulent practices and strengthening
its Anti-Money Laundering and Countering the Financing of Terrorism
(AML/CFT) measures.
These actions are vital for ensuring financial stability.
A Fruitful Partnership and Commendable Progress
The visit underscored the strong partnership between both central banks, allowing
for the exchange of knowledge on emerging regulatory frameworks.
The Central Bank of Iraq expressed its high regard for the significant and transformative
progress the CBE has made in all the areas discussed.
