Central Bank of Egypt hosts Bank of Ghana delegations on digital transformation and cybersecurity

The Central Bank of Egypt said it hosted two delegations from the Bank of Ghana to share its experience in digital transformation, artificial intelligence, advanced analytics, data governance, financial services development and cybersecurity. The visits formed part of the Egyptian central bank’s technical cooperation and capacity-building work with African central banks. In the cybersecurity track, the bank also indicated that it is preparing to launch a second, updated version of its comprehensive cybersecurity regulatory framework. The first delegation reviewed Egypt’s integrated data management framework, including data governance, supervisory and regulatory technology applications, and the use of artificial intelligence to support monetary policy, inflation forecasting and labor market indicators. Discussions also covered the Central Bank of Egypt’s digital transformation strategy, the development of national digital payments infrastructure and the push toward a less cash-dependent economy, including the Instant Payment Network, InstaPay, tokenization and digital financial identity through electronic know your customer. The second delegation, on its second visit, focused on cybersecurity, including the operation of the Egyptian Financial Computer Emergency Response Team for the financial sector, governance of digital financial services, and authorization frameworks for fintech applications and technology solutions before launch in the domestic market. The planned updated cybersecurity framework is intended to reflect faster-moving global cyber risks and introduce more flexible and precise supervisory and assessment tools for banks and financial institutions.