Egypt’s c.bank launches 11th PAFIX Conference on digital payment advancements
Under the patronage of the Central Bank of Egypt (CBE), the 11th International Conference and Exhibition on Digital Payments, Financial Inclusion, and Digital Banking (PAFIX) kicked off on Monday.
The event, running until November 20, 2024, is part of the Cairo ICT exhibition, which was inaugurated on Sunday by Prime Minister Moustafa Madbouly, in the presence of numerous ministers and senior officials.
Ayman Hussein, first deputy governor for the information technology sector, delivered an opening address on behalf of CBE Governor Hassan Abdalla. He highlighted the CBE’s pivotal role in advancing digital financial infrastructure and establishing legislative and regulatory frameworks. These efforts have driven remarkable progress in financial technology and digital payments, significantly enhancing financial inclusion in line with Egypt’s strategic shift towards a less cash-dependent society.
The conference features participation from key leaders of the CBE, banking sector officials, and specialised institutions in financial technology and digital payments, alongside a host of international and local experts in financial inclusion and electronic payment systems.
During the official opening of the exhibition, the central bank conducted a live demonstration showcasing a purchase transaction using a mobile-based card tokenisation platform, attended by the prime minister. This initiative paves the way for the system’s imminent launch, facilitating the activation of services by global companies and banking and fintech applications, ultimately creating substantial opportunities for innovative solutions tailored to customer needs.
The CBE also presented a short documentary within its booth, underscoring its key achievements in digital banking and financial inclusion for individuals, as well as micro, small, and medium-sized enterprises. Additionally, the film highlighted efforts within the banking sector to broaden access to banking services and products, particularly for youth, women, and people with disabilities.
To foster engaging discussions on the future of digital transformation and significant advancements in financial technology, the CBE designed its booth to include a FinTech Fireside Chat platform. This space allows for the exchange of ideas and perspectives, featuring broad participation from banks, fintech companies, and entrepreneurs. Moreover, a dedicated area was set up to showcase the InstaPay application, aimed at educating customers on its key services and benefits.
Attribution: CBE emailed statement
