The Egyptian Financial Supervisory Authority (EFSA) and the National Council for Women (NCW) have signed a cooperation protocol aimed at promoting financial inclusion and empowering women in Egypt. The protocol, signed by EFSA Chairman Dr. Islam Azzam and NCW Chairwoman Ms. Amal Ammar, seeks to raise financial awareness among women and provide them with more efficient and accessible non-banking financial services. The agreement also aims to support women's entrepreneurship and small and medium-sized enterprises.
The protocol will enable the exchange of data and studies related to financial inclusion indicators for women, as well as the dissemination of awareness about available non-banking financial services. The two parties will also implement financial education programs targeting women and girls, with the goal of enhancing their ability to make informed financial decisions and protect themselves from financial fraud. Furthermore, the protocol provides for the organization of joint events, workshops, and training programs to integrate women into the economy.
The EFSA and NCW will also establish a joint committee to monitor the implementation of the protocol and address any challenges that may arise. The committee will meet regularly to review progress and propose measures to develop cooperation. The signing ceremony was attended by senior officials from both parties, including EFSA Deputy Chairman Dr. Tarek Sief and NCW members.
Dr. Islam Azzam, EFSA Chairman, expressed his pleasure at signing the protocol, highlighting the council's significant role in promoting women's empowerment in Egypt. He noted that the protocol represents a formal extension of the partnership between the two parties, which has already led to the graduation of 39 female trainers in financial awareness in rural areas. Azzam also emphasized the EFSA's commitment to women's empowerment through regulatory decisions, including the requirement for listed companies and non-banking financial institutions to have at least 25% female representation on their boards.
Ms. Amal Ammar, NCW Chairwoman, welcomed the signing of the protocol, saying it reflects the integration of state institutions to promote women's economic participation. She emphasized that women's economic empowerment has a positive impact not only on women themselves but also on their families, communities, and the national economy. Ammar also highlighted the importance of financial inclusion, education, and access to financing sources in achieving women's economic empowerment.
The protocol is expected to have a positive impact on women's economic empowerment in Egypt, with Azzam revealing that women currently account for 52.8% of beneficiaries of microfinance projects, with a total financing value of around EGP 33.7 billion. He also noted that the EFSA has taken several regulatory and supervisory measures to ensure the protection of clients and prevent fraud. The NCW and EFSA will work together to develop practical training programs and raise awareness about cybersecurity and digital financial services.
The cooperation protocol between the EFSA and NCW is a significant step towards promoting financial inclusion and empowering women in Egypt. The two parties will work together to develop and implement programs that support women's economic empowerment, enhance their financial awareness, and provide them with access to non-banking financial services. By doing so, they aim to contribute to Egypt's efforts to achieve sustainable economic growth and social development.
Key points
- The protocol aims to promote financial inclusion and empower women in Egypt by providing them with access to non-banking financial services and enhancing their financial awareness.
- The EFSA and NCW will work together to develop and implement programs that support women's economic empowerment and enhance their financial awareness.
- The protocol is expected to have a positive impact on women's economic empowerment in Egypt, with women currently accounting for 52.8% of beneficiaries of microfinance projects.
