Egypt’s central bank, London Institute of Banking & Finance sign MoU

Egypt’s Central Bank signed a Memorandum of Understanding (MoU) with London Institute of Banking & Finance (LIBF) MENA to improve the efficiency of the Egyptian banking and financial services sector, an official statement showed on Wednesday.

The signing took place on the sidelines of Seamless North Africa 2023 conference, hosted by Egypt last month with the participation of a distinguished group of experts working in fintech sector.

Under the MoU, LIBF MENA will leverage its global expertise and specialised network of experts to upskill and reskill the Egyptian workforce in the financial sector by offering programmes, workshops and activities to improve the capabilities of young experts in the banking and educational sectors. There will be education programmes designed specifically for the banking sector and FinTech Youth Education – High School programme in Fintech under the FinYology brand initiative for high schools, universities, applied technology schools and Technical Colleges Apprenticeships covering a wide range of topics, including online programmes and professional qualifications.

The deal marks “a significant step towards strengthening the banking and financial services sector in Egypt,” LIBF managing director for the Middle East and North Africa Kareem Refaay, said.

It aims to nurture the next generation of finance professionals by equipping them with the necessary skills and knowledge in the ever-evolving field of financial technology.

In addition to these collaborative efforts, the CBE and LIBF MENA will jointly engage in thought leadership activities. They will publish white papers, reports, and organise events that will contribute to shaping the future of the Egyptian banking and financial services sector. This exchange of knowledge and expertise aims to foster innovation, drive advancements, and promote sustainable growth in the industry.

Alex Fraser, chief executive of LIBF, said, “we are delighted to enter into this partnership with the Central Bank of Egypt. By combining our global expertise with their local insights, we aim to develop a highly skilled workforce and drive the transformation of the Egyptian banking and financial services sector.”