Egyptian banks are intensifying efforts to upgrade their digital infrastructure and cybersecurity systems in response to rapid technological change and growing cyber threats, industry officials said Wednesday.
Mohamed El-Etreby, chairman of the Union of Arab Banks and chief executive of the National Bank of Egypt, highlighted the sector’s expanding balance sheet as evidence of robust banking performance. According to El-Etreby, total deposits in Egypt’s banking system reached 15.3 trillion Egyptian pounds (around US$830 billion), while total assets climbed to 24 trillion pounds.
Speaking at the Second Arab Fraud Combating Conference in Luxor, which runs from January 29 to 31, El-Etreby warned that innovations in digital technology and artificial intelligence are reshaping the nature of financial and economic crime. He said banks must adopt a proactive, integrated strategy that combines stronger cyber defences, comprehensive risk management, and broader public awareness.
“The rapid development of digital tools presents both opportunities and challenges,” El-Etreby said. “Banks need to strengthen customer trust, expand awareness programmes, and reinforce business continuity and rapid recovery plans as core elements of their defensive posture.”
The Luxor conference, organised by the Union of Arab Banks, brings together central banks, regulators, financial institutions, and international organisations from across the Arab world. Delegates are examining emerging fraud threats and discussing practical measures to contain their impact on the banking industry.
Key topics on the agenda include improving transaction monitoring and policy frameworks, enhancing the protection of digital payment systems, and expanding training programmes for both staff and customers. The conference also seeks to reinforce coordination between anti-fraud and anti-money laundering functions, as well as contingency planning for cyberattacks.
Egyptian banks have seen a surge in digital transactions in recent years, driven by increased adoption of mobile banking, online payments, and fintech services. While this has expanded access to financial services, it has also heightened exposure to cybercrime, fraud, and operational risks.
El-Etreby emphasised that maintaining cybersecurity is not only a technical challenge but also a matter of public confidence. “As financial systems become increasingly interconnected, a single breach can have far-reaching consequences,” he said. “Preventive measures, timely response, and continuous monitoring are essential to safeguard both institutions and customers.”
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The National Bank of Egypt, along with other major lenders, has invested heavily in artificial intelligence, threat detection, and real-time monitoring systems to identify suspicious activity and prevent fraud. Banks are also focusing on strengthening internal governance and regulatory compliance to meet both domestic and international standards.
Egypt’s banking sector has undergone significant transformation over the past decade, driven by digital innovation and regulatory reform. The government and central bank have encouraged the adoption of cashless payment systems, enhanced digital infrastructure, and robust risk management practices.
Industry experts at the conference noted that while digitalisation improves efficiency and customer convenience, it also requires constant vigilance. Fraud prevention strategies must evolve in line with technological developments, particularly in areas such as AI-driven financial crime, phishing attacks, and cyber intrusions.
The Arab Fraud Combating Conference provides a platform for sharing best practices, coordinating regional responses, and fostering collaboration between public and private stakeholders. Participants are expected to outline strategies that strengthen cybersecurity, protect consumers, and enhance the resilience of the Arab banking sector against emerging threats.
El-Etreby concluded that the combination of technological investment, staff training, and public awareness will be key to sustaining confidence in Egypt’s banking system and supporting continued growth in deposits and assets.
