The Financial Inclusion Committee of the Federation of Egyptian Banks (FEB) recently met to discuss ways to strengthen financial inclusion and expand access to financial and banking services. Representatives from the Central Bank of Egypt (CBE), the FEB, several banks, and companies and platforms operating in financial empowerment attended the meeting. The committee aims to facilitate the exchange of expertise and experiences, coordinate efforts, and develop initiatives to expand the number of people benefiting from financial services.
The meeting focused on strengthening communication with the CBE, reviewing banks' proposals and challenges, and exploring innovative solutions to improve access to financial services across different segments of society. Particular emphasis was placed on low-income and unbanked individuals. The committee also supports the implementation of relevant national events and initiatives. Khaled Bassiouny, General Manager of Financial Inclusion at the CBE, and Amr Youssef El-Qalash, General Manager of the FEB, attended the meeting.
Mohamed Tharwat, Chairperson of the FEB's Financial Inclusion Committee and Head of Retail Banking and Financial Inclusion at Banque du Caire, highlighted the committee's efforts to strengthen cooperation with partners capable of supporting financial inclusion efforts. The committee aims to facilitate the exchange of ideas and expertise among relevant stakeholders. Tharwat noted that the committee would explore mechanisms for engaging with financial technology (FinTech) start-ups operating in Egypt.
The committee reviewed four experiences from different sectors, providing an opportunity to exchange expertise and explore solutions and services that could help develop financial services and strengthen financial inclusion. The presentations were delivered by the Egyptian Credit Bureau (I-Score), Mastercard, the Rahet Bally platform, and the Momken platform. These presentations covered topics such as credit information services, financial inclusion for microbusinesses, financial literacy among women, and women's employment.
Bilal Abdel Latif, Head of Product Development and Marketing at the Egyptian Credit Bureau (I-Score), presented the company's services and products and its role in supporting financial inclusion. I-Score expands access to credit information services, helping improve the efficiency of Egypt's credit reporting system and providing the information needed to assess customers' creditworthiness.
Mastercard, Rahet Bally, and Momken for Her also presented their initiatives to support financial inclusion. Mastercard highlighted its business account service designed to facilitate freelancers' integration into the banking sector. Rahet Bally promotes financial literacy among women, while Momken for Her supports women's employment and economic empowerment.
The Financial Inclusion Committee's efforts aim to promote financial inclusion and expand access to financial and banking services. Key initiatives include launching financial inclusion awareness campaigns targeting young people and exploring mechanisms for engaging with FinTech start-ups. The committee's work supports the implementation of relevant national events and initiatives, helping to improve access to financial services across different segments of society.
Key points
- The Financial Inclusion Committee of the Federation of Egyptian Banks aims to facilitate the exchange of expertise and experiences to develop initiatives to expand the number of people benefiting from financial services.
- The committee reviewed four experiences from different sectors to explore solutions and services that could help develop financial services and strengthen financial inclusion.
- Initiatives presented included credit information services, financial inclusion for microbusinesses, financial literacy among women, and women's employment.
