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Egypt’s CBE launches financial inclusion strategy for 2022-25

CBE launched its financial inclusion strategy for 2022-2025 that sets key objectives and priorities for creating financial inclusion in the country.
27.11.22 | Source: Ahram Online

Financial inclusion revolves around making quality financial services available to all individuals across all classes through formal channels at a reasonable cost in a way that protects their rights and allows them to soundly manage their money.

The CBE’s strategy aims to protect the rights of their clients and boost confidence in the Egyptian banking sector; promote a culture of the financial inclusion; uplift citizens’, companies’, and projects’ financial capabilities; encourage entrepreneurship and startups; and establish an inclusive and effective financial infrastructure.

The strategy also targets expanding digital financial services and easing access to financial services for the informal sector, bringing them into the formal economy.

The CBE said that it had held several meetings with ministries and the concerned bodies in order to draft this strategy.

The parties agreed that the strategy would focus on achieving sustainable development by economically empowering people through a formal and inclusive system that extends financial products and services at an appropriate cost, according to the CBE.