The Central Bank of Egypt (CBE) is hosting a training course on the application of big data analysis and artificial intelligence (AI) to central banking, in collaboration with the COMESA Monetary Institute (CMI). The course, which runs from August 27 to August 31, 2023, is part of the presidential directives to support Egyptian-African cooperation and integration.
Course objectives and participants
The course aims to enhance the skills and knowledge of the staff of African central banks on the use of big data and AI in the banking and financial sectors, with a focus on the central banking functions. The course covers topics such as data collection, processing, analysis, visualization, and decision making using big data and AI tools and techniques.
The course is attended by 35 participants from nine COMESA member states’ central banks, namely Burundi, Djibouti, Eritrea, Ethiopia, Kenya, Malawi, Rwanda, Uganda, and Zambia. A delegation from the CMI is also present at the course.
CBE’s role and expertise
Naglaa Nozahie, Governor’s Advisor for African Affairs at the CBE, stressed the importance of the course in light of the current global and regional developments. She also said that the CBE is committed to supporting capacity building for the staff of African central banks, noting that this is the ninth year in a row that the CBE offers training courses for the COMESA countries.
Lobna El-Bayyar, Assistant Sub-Governor for Business Technology Sector at the CBE, expressed the bank’s readiness for fruitful cooperation with COMESA central banks and highlighted its expertise in information technology. She said that the CBE has been implementing various initiatives and projects to leverage big data and AI in its operations and services, such as developing a digital currency platform, enhancing cybersecurity, and improving customer experience.
CMI’s appreciation and expectations
Lucas Njoroge, Director of the CMI, thanked the CBE for its continuous contribution to enhancing the skills of COMESA central banks. He also said that the institute looks forward to more collaboration with the CBE in the future.
The course, which is delivered by lecturers from the Business Technology Sector at the CBE, involves group work and discussions on the recent issues and challenges related to big data and AI. The participants also present possible solutions to these challenges as a practical training on big data analysis and AI.
The course will conclude with a set of proposals and recommendations that aim to improve the understanding and application of big data analysis and AI in central banking operations in COMESA countries. The proposals and recommendations will be discussed at the annual meeting of the COMESA Committee of Governors of Central Banks, which will be held in Zimbabwe in November this year.
