Financial training programs are more popular and in demand than ever: The growing need for financial literacy and financial technology skills in the job market has driven demand for implementation and student engagement in these areas. Interest in them has significantly increased in Egypt, with 219k beneficiaries this year, reflecting a 44% increase from the previous year, Egyptian Banking Institute (EBI) Executive Director Abdel Aziz Nossier told Enterprise.

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What kind of programs are we talking about? The programs included financial awareness, financial literacy, assessment services for recruitment, and development and promotions. Awareness programs brought in the lion’s shares of students with 122.5k students, reflecting a 133% y-o-y increase. They were followed by financial literacy (37.3k) and assessment services (60k), which saw demand increase 88% and 51% y-o-y, respectively.

To meet this growing demand, the government has taken steps to enhance the offering of financial training programs at universities and institutions, including establishing a framework for fresh graduate engagement with universities, with training courses playing a leading role in student preparation for the job market. Universities are the primary gateway to spreading financial literacy, Nossier and EBI Business Development and Training Execution Chief Zeinab Abdel Razek said.

EBI’s higher education initiatives: The EBI, which operates under the auspices of the Central Bank of Egypt, currently has a presence in four universities — in the form of training programs and fixed centers — at Nahda University, Deraya University, Alexandria University, and Cairo University. The EBI has inked agreements with another 14 universities across the country to provide training programs.

One of the initiatives is FinYology: Fintech for Youth initiative — aka FinYology — teaches the fundamentals of fintech in several universities. The program has already kicked off in two universities, namely the Arab Academy for Science, Technology, and Maritime Transport and Newgiza University. The British University in Egypt along with other universities are expected to follow suit as part of the CBE’s efforts to advance the financial technology ecosystem.

The academic content of the course was prepared by the London Institute of Banking & Finance (LIBF) as a part of the previously signed MoU between the CBE and the LIBF back in 2023. This agreement includes offering training courses, workshops, educational programs, and preparatory programs designed specifically to support and enhance financial technology expertise in the Egyptian market, whether for banking professionals, graduates, or students in schools and universities.

These initiatives are not only in response to high demand: Nossier explained that the EBI previously conducted a study on the future skills required in the banking sector as a practical guide for promoting financial literacy education and awareness. They found artificial intelligence, sustainability programs, and responsible banking to be most in demand in today’s job market.

Their work goes beyond program facilitation: The EBI also holds listening sessions focused on analyzing students’ psychology, their needs and how they can help prepare them for the job market. They also now have a comprehensive student database including which students are qualified to work, equipped with financial literacy and technology skills. The database is then made available for banks to facilitate employment for these students.

And a growing digital platform: Alongside university courses and research, the institution offers 110 online training programs in Arabic and English for e-learning and helping people to find employment in the banking sector.

Many students equipped with fintech training remain reluctant to work in banks, opting instead to work in the IT sector. The EBI accordingly plans to emphasize awareness and educational courses to reveal the various job types within the banking sector and the vitality of fintech in banking.

Expansion in works in Upper Egypt and the Delta: With some 1.8k students from various universities already trained through the EBI’s Training for Employment program, the institute is looking to expand across the country. They have already signed MoUs with Benha University and more are in the works with other universities in Egypt in response to growing student demand.

Internationally accredited curriculum: The institute has succeeded in obtaining international accreditation for the fourth consecutive time from the Accrediting Council for Continuing Education and Training (ACCET) for five more years, making its certifications internationally recognized for all job roles. In line with international standards, the EBI has initiated multiple study tours to Kenya, Italy, Turkey, and Estonia focused on different areas of innovation and financial technology.

The availability of these educational programs has attracted local and foreign financial technology trainees, with the institution having now trained 519 individuals from several African countries and trainees from some 40 African countries have attended the institute's programs over the past few years.

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