Financial Inclusion
The idea for Financial Inclusion was first introduced in 2010 during a meeting of 55 nations from across the world. The Central Bank of Egypt (CBE) joined the Alliance for Financial Inclusion on July of 2013; since then, the CBE has undertaken the mission of spreading the culture of Financial Inclusion in Egypt. Financial inclusion represents one of the key components to achieve sustainable growth, economic stability and prosperity. The spread of financial inclusion culture requires proactive participation of the Egyptian Banks. On March of 2020, CBE asked Egyptian banks to initiate an independent and dedicated department for financial inclusion as well the development of midterm strategy (3-5 years) to achieve its respective objectives.
According to the Findex report of 2017, 33% of the Egyptians have a bank account or an electronic wallet. The report added that there is a persistent gap of about 12% between both genders in terms of the number of account holders, lastly, only about 8% of the population have taken out loans from financial institutions.
What does Financial Inclusion mean?
Financial Inclusion is all about addressing financial needs of all individuals or institutions by introducing financial products they need or want; such as current account, savings account, transfer and payments services, insurance, lending and credit facilities among others taking into account the pricing and accessibility as well as consumer protection rights.
The aforementioned products must then be offered by official financial intuitions such as banks, post office and micro-credit intuitions among others.
High liquidity
purchases and redemptions can be executed on daily basis through any branch of EBank or electronically through Internet Banking.
High tax-exempted return, free of charges or commissions during purchase or redemption.
investors can easily monitor the certificate price and their balance.
Fund’s certificates are acceptable as high grade collateral for borrowing in accordance with bank regulations.
Managed by the highly experienced fund management “Azimut Egypt Asset Management”
Offering exceptional financial and non-financial products to facilitate achieving sustainable growth in finical inclusion as well higher profit rates for the bank if possible
Digitalization as well as expanding the number of digital products
Updating digital infrastructure as well as firewalls to align with the banks strategy for financial inclusion.
Collaboration and partnership with governmental insertions and organization as well as non-governmental organizations as well as telecommunication companies, hypermarkets, unorthodox organizations and Fintechs to reach the targeted demographics
- IInternational women’s day
- International Financial Inclusion Day
- International Youth Day
- Financial Inclusion Week and International Savings day
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Special attention to financially marginalized demographics, such as women, youth and minorities as well entrepreneurs and businessmen. This is to be achieved through collaboration with development organizations, non-governmental organizations, microfinance institutions. In addition, financial inclusion is about offering financial and non-financial products and services to address the needs of aforementioned parties, with special attention to introduce the most efficient products to reach the largest segment possible over the strategy timeline.