Egypt’s central bank prepares to harness AI technology – official

The Central Bank of Egypt (CBE) is actively exploring the integration of artificial intelligence (AI) into its operations, according to its first sub governor for business technology, Ayman Hussein.

On the sidelines of Cairo ICT, Hussein explained to reporters that the CBE plans to leverage AI to enhance various banking services. The central bank has already witnessed significant growth in digital banking, with internet banking transactions reaching 7.5 trillion Egyptian pounds and the number of bank cards surpassing 67 million.

The CBE is committed to staying at the forefront of technological advancements and ensuring a secure digital environment for its customers, the official noted. By embracing AI and other cutting-edge technologies, the Egyptian central bank aims to provide innovative financial solutions and improve overall efficiency.

As part of the transition to a digital economy, Hussein said the CBE is set to launch the first digital platform for card tokenisation in the coming months.

He further highlighted that the central bank has launched various initiatives, such as Finology and Digital Academy, aimed at equipping university students and developing human resources to keep pace with technological advancements.

Attribution: Amwal Al Ghad Arabic