Egypt central bank shares digital payment systems expertise with Yemeni delegation - Tech
The Central Bank of Egypt (CBE) hosted a delegation from the Central Bank of Yemen (CBY) to share Egypt's innovative approaches to digital payment systems and services in a move that aims to bolster cooperation with Arab nations.
The visiting delegation, which included a specialized technical team, delved into the operational and technical aspects of Egypt's advanced digital payment landscape.
They learned about the implementation of international standards in the Real-Time Gross Settlement System (RTGS) and the updates to its technologies and mechanisms. They also explored the CBE's SWIFT system-related initiatives.
This visit is part of the bilateral cooperation between Egypt and Yemen in the payment systems sector, which focuses on qualifying and training the CBY personnel.
Each side expressed their country's commitment to strengthening collaboration frameworks, exchanging expertise, and continuing discussions on digital payment services. The goal is to build Yemen's national capacities to improve and streamline official financial transactions.
Egypt's digital payments landscape is thriving. According to official data, the value of e-payment and collection services across the country grew by 19 percent, from EGP 2.1 trillion in FY2022/2023 to EGP 2.5 trillion in FY2023/2024.
Meanwhile, the CBE data show that financial inclusion in Egypt expanded by 181 percent. The number of Egyptians holding transactional accounts rose from 17.1 million individuals in 2016 to 48.1 million out of 67.3 million eligible citizens (aged 16 and above) in June 2024.
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