The Central Bank of Egypt (CBE) is hosting a training programme on the “Application of Big Data Analysis and Artificial Intelligence and their Impact on Central Banking” for the second consecutive year, in cooperation with the COMESA Monetary Institute (CMI).
The programme, which runs from August 18-22, is part of the CBE’s ongoing efforts to support banking integration among African Central Banks.
Forty-five participants representing 10 Central Banks from COMESA Member States, along with a delegation from the CMI, are attending the program. The training sessions will focus on the application of Big Data Technology and Artificial Intelligence in the Financial and Banking Sectors, with a particular emphasis on Central Banks.
Naglaa Nozahie, the Governor’s Advisor for African Affairs, emphasized the importance of the program’s topic in raising awareness among African Central Banks on the significance of incorporating big data analysis and artificial intelligence into their key functions, especially in light of ongoing global and regional developments.
“The Central Bank of Egypt is keen to advance its efforts to support capacity building of the employees in African Central Banks, especially since the CBE has been providing training programs for employees in the Central Banks of COMESA Member States for the 11th consecutive year,” Nozahie said.
Lucas Njoroge, Director of the COMESA Monetary Institute, expressed his gratitude to the CBE for its continuous contribution to building the capacities of COMESA’s central banks.
“The Institute aspires for further collaborations with the CBE in the coming years,” Njoroge said.
During the training program, lecturers from the CBE’s Information Technology and Markets sectors contributed. Participants were divided into working groups to discuss current challenges and potential solutions, providing a practical exercise in applying big data analytics and artificial intelligence.
At the end of the program, a set of proposals and recommendations will be formulated to deepen the understanding of how big data and artificial intelligence can enhance the operations of COMESA’s central banks. These recommendations will be discussed at the level of central bank governors during their upcoming annual meeting in Eswatini in November.
