Eleven FinTech Startups Showcase solutions to address covid-19 challenges at the “COVID-19 Innovation Sprint” Events which were hosted by the Central Bank of Egypt.
Rami Abulnaga “The initiative endorses The Central Bank of Egypt’s direction towards expanding the use of technology, and availing convenient financial services that meet the market needs”
Prototypes for FinTech innovative solutions were showcased yesterday during the events of COVID-19 Innovation Sprint.
The initiative was launched by Central Bank of Egypt in collaboration with the Financial Regulatory Authority (FRA), organized by DFS Lab (an early-stage FinTech accelerator), and supported by FSD Africa a development agency focusing on financial inclusion).
Prototyped solutions were presented through the efficient contribution and cooperation of FinTech startups, Egyptian banks, and financial institutions participated in the sprint.
Covid-19 Innovation Sprint aims to encourage entrepreneurs and FinTech startups to develop technological solutions for banks and financial institutions operating in Egypt to address COVID-19 related challenges.
The sprint activities included holding intensive workshops for three consecutive days from the 15th until the 17th of March, with the participation of 11 wisely selected startups.
The selection was based on the effectiveness of the solutions offered by their solutions to address COVID-19 related challenges and the convenience of their solutions to be implemented in cooperation with banks and financial institutions operating in Egypt. Participating banks have offered the necessary support and guidance for the startups to develop their solutions and come up with applicable prototypes.
More than 90 local and international FinTech startups applied for the sprint and got evaluated based on predefined selection criteria. A shortlist of 24 startups of applicants was shared by CBE with the 26 participating banks with the objective of triggering the cooperation between the two parties.
Rami AbulNaga, Deputy Governor, at the Central Bank of Egypt, stated that “The aim of Covid-19 innovation sprint was to positively impact the banking & financial sector, by stimulating cooperation between banks & institutions with FinTech startups that can develop innovative solutions to tackle COVID-19 related challenges, in accordance with CBE’s objectives, and providing that their products and services meet the needs of customers. Participating banks and financial institutions will have an opportunity to move forward with potential solutions developed by the FinTech startups.”
Previously, Central Bank of Egypt, in collaboration with banks operating in Egypt, enumerated the challenges faced by banks and the financial sector that resulted from COVID-19, and published them on CBE’s “Fintech Egypt” platform, as well as on relevant websites and online platforms.
These challenges, which require to be addressed through the development of advanced technological applications, reflect the real needs of the banking sector, arising from the outbreak of Corona virus. Some of the tackled COVID-related challenges were the remote lending and alternative date, cashless payments, queuing and customer service, remote marketing and education, in addition to, supply chain and invoicing finance.
