Egypt’s FRA, women’s council sign deal to boost women’s financial inclusion

Egypt’s Financial Regulatory Authority (FRA) and the National Council for Women (NCW) signed a cooperation protocol on Monday to improve women’s financial literacy and expand their access to non-bank financial services.

FRA Chairman Islam Azam and NCW President Amal Ammar signed the protocol, which targets underserved and vulnerable women and aims to support women entrepreneurs and women-owned micro, small, and medium-sized enterprises.

The agreement also seeks to increase women’s use of financial technology and digital tools and support their economic and social empowerment.

The two sides will exchange data and studies on women’s financial inclusion indicators and organise financial literacy programmes for women and girls to promote sound financial decision-making and raise awareness of financial fraud, the FRA said.

They will also hold joint events, workshops and training programmes to strengthen women’s financial and digital skills, support their economic integration, and increase their participation in investment and non-bank financial services.

A joint committee will oversee implementation, address obstacles, review progress, and propose measures to strengthen cooperation, the authority said.

“Women are not merely recipients of financial services; they are producers, entrepreneurs, investors and economic decision-makers.” NCW Chairperson Amal Ammar said.

“Developing services tailored to their needs is therefore a real opportunity to broaden economic activity and make non-bank financial services more accessible and responsive to their aspirations,”

Subediting: Y.Yasser