Egyptian Banking Federation Discusses Strategies to Expand Financial Inclusion

The Financial Inclusion Committee of the Federation of Egyptian Banks (FEB) convened to discuss strategies for increasing access to banking services. The meeting included representatives from the Central Bank of Egypt (CBE), commercial banks, and financial technology firms.

Key Takeaways

• Collaborative focus: The committee aims to improve communication between banks and the Central Bank of Egypt to address sector-wide challenges.
• Targeting the unbanked: Discussions centered on developing innovative solutions to provide financial services to low-income individuals and those currently outside the formal banking system.
• FinTech partnerships: The committee plans to create mechanisms to connect banks with local financial technology start-ups to better align services with strategic needs.
• Youth engagement: Officials emphasized the necessity of launching awareness campaigns for young people regarding credit history and banking integration.
• Knowledge sharing: The session served as a platform for stakeholders to exchange expertise on successful financial inclusion models.

Enhancing Banking Reach

Mohamed Tharwat, Chairperson of the FEB’s Financial Inclusion Committee, noted that the initiative to bring together diverse partners began roughly a year ago. The committee functions as a central hub for financial inclusion managers to coordinate efforts and develop national initiatives. During the meeting, attendees reviewed four case studies from various sectors to identify practical solutions for expanding service accessibility.

Tharwat, who also serves as the Head of Retail Banking and Financial Inclusion at Banque du Caire, stated that the committee intends to foster stronger cooperation with external partners. By facilitating direct communication between banks and FinTech companies, the committee hopes to help individual institutions select partners that best fit their specific operational priorities.