Central Bank of Egypt Launches Fourth Round of FinTech Got Talent Competition

The Central Bank of Egypt has launched the fourth round of the "FinTech Got Talent" competition aimed at university students, with the goal of developing their capabilities in the financial technology sector and attracting a new generation of innovators capable of reshaping the financial services sector in Egypt.

The competition enables participants to develop practical fintech solutions addressing real local challenges such as financial inclusion, digital payment systems, and SME financing, within a competitive environment supervised by experts from the banking and private sectors.

This program forms part of the Central Bank's strategy to build an integrated financial technology ecosystem, following significant growth in Egypt's digital payments and e-wallets sector in recent years—rising from 14 million e-wallets in 2020 to more than 55 million currently.

The launch of this round aligns with a broader Arab trend in which banking regulators recognize that financial technology is no longer a luxury, but a strategic necessity to enhance service efficiency and expand financial access to unbanked segments of society.

What do these terms mean?

**Financial Technology (FinTech):** A sector combining finance and technology into digital solutions for banking, payments, investment, and insurance, such as instant payment apps, digital wallets, and online lending services.

**Financial Inclusion:** Making basic banking and financial services available to underserved groups, such as rural residents, small farmers, and informal sector workers, rather than restricting them to major cities and high-income earners.