A financial education programme will be launched in cooperation between the Egyptian Financial Supervisory Authority (EFSA), the Central Bank of Egypt (CBE) and Egypt Post, according to EFSA Head Sherif Sami.
The educational programme marks the first step to increase financial inclusion in Egypt.
Sami met a delegation from New Faces New Voices (NFNV) Friday, to discuss the CBE and EFSA interest in implementing financial inclusion policies. These also target women, who will benefit even more from available finance services.
Sami said that applying this policy benefits all segments of society from various financial services such as mortgage, insurance, microfinance and other benefits.
Sami in previous statement to Daily News Egypt said that it is important to raise awareness about various investment channels in Egypt to protect depositors from swindlers.
He added that since the law on organising micro finance was issued, all will benefit from it, especially women, in regard to group funding contracts.
“Micro-finance data showed that women are more committed in payment instalments”, said Sami.
Mona ElBaradei, executive director of the Egyptian Banking Institute (EBI), said the proportion of Egyptians dealing with the banking system is 10%. She added that the CBE aims to attract young people to deal with the banking sector, as it is the largest sector of the public. Youth represents about 25% of the Egyptian people, and controls 85% of SMEs.
ElBaradei noted that the concept of financial inclusion largely extends to include awareness and knowledge, to ensure correct finance-related decisions. She also stressed that the financial crisis reveals the need for financial education and defining bank deals.
She added that financial inclusion is a critical issue for Egypt, especially with the decline in the proportion of Egyptians dealers with the banking sector, so this subject occupies the top of the CBE’s priorities.
NFNV Executive Director Nomsa Daniels said that 26% of small- and medium-sized enterprises (SMEs) in Africa are owned by women.
She added that that a women’s empowerment programme launched by NFNV aims to provide more funding for women seeking for playing more active economic role in Africa.
NFNV is a Pan-African advocacy group that focuses on expanding the role and influence of women in the financial sector and found in 15 countries, include Egypt.