Egypt’s c. bank enhances financial inclusion with global alliance

The Governor of the Central Bank of Egypt (CBE) Hassan Abdullah met with the CEO of the Alliance for Financial Inclusion (AFI) Alfred Hannig on Tuesday. The meeting focused on enhancing collaboration between Egypt and the global alliance to advance financial inclusion efforts.

At the start of the meeting, Governor Abdullah expressed his appreciation for the successful partnership between the Central Bank of Egypt (CBE) and AFI. He emphasised the importance of accessing international best practices in financial inclusion and exchanging expertise with other central banks and regulatory bodies across AFI’s member countries.

Governor Abdullah also shared insights into Egypt’s ongoing efforts to align with the country’s vision of economic empowerment for all segments of society, including initiatives targeting women, youth, people with disabilities, and micro, small, and medium-sized enterprises (MSMEs).

Financial Inclusion Rate Reached 74.8% by End of ’24

Notably, the CBE, in collaboration with the banking sector and relevant government ministries, has developed a robust legislative and regulatory framework, alongside incentive measures, to enhance financial inclusion. As a result, Egypt’s financial inclusion rate reached 74.8 per cent by the end of 2024.

In response, Alfred Hannig commended Egypt’s pioneering efforts in financial inclusion and sustainable finance, describing the country’s approach as a model for others to follow. He explained that the alliance is working closely with the CBE to share Egypt’s experience with other nations through organised visits, allowing them to benefit from Egypt’s successful strategies.

Established in 2009, AFI includes over 90 financial institutions, central banks, and regulatory authorities from 83 countries. The alliance works to develop tools for implementing financial inclusion, exchange technical and practical expertise among nations, and assist in formulating and applying economic policies and reform strategies.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama