Audi Bank Egypt launched several youth-oriented products, focusing on ages 11 to 21, during the Financial Inclusion Week, which ended on Thursday.
Mohamed Abbas Fayed, CEO and managing director of Audi Bank Egypt, said that financial inclusion is one of the main tools that can be used for economic progress and sustainable development in Egypt.
He pointed out that only 13% of Egyptians deal with banks, which is very low and should be increased to about 50-60%.
Fayed warned that the low percentage of financial inclusion opens the way to the illegal channels to employ citizens’ funds in the wrong ways, which increases fraud, stressing that the informal economy will end if the banks were able to increase the number of clients.
He noted that financial inclusion and the dissemination of financial culture within Egyptian society is one of the roles of Audi’s social responsibility within the market, through events organised at school and universities. The bank also participates with the Egyptian Banking Institute(EBI) in spreading financial culture within public schools and providing funding programs for youth at reduced interest rates.
He added that during the Financial Inclusion Week, the bank organised a number of events that aim to introduce the importance of financial inclusion, disseminate financial culture among Egyptians, especially the youth, and explain their rights to obtain adequate financial services at fair and competitive costs.
Audi Bank has launched two youth products this week, according to Amr Nosseir, the bank’s acting head of retail banking.
Nosseir said that the first product targets youth between 11 and 15 years old at no monthly fees, with an interest rate of 12.50% per annum, in addition to issuing a free debit card for the first year.
The other product is for the age group ranging from 16 to 21 years, with a monthly fee of EGP 5 and interest rate of 12.5%, next to issuing free debit cards for the first year.