Egypt’s Central Bank Receives Awards for Financial Inclusion, Economic EmpowermentSource: www.export-egypt.com 9/25/2023, Location: Africa |
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The Central Bank of Egypt (CBE) has received two awards for financial inclusion and the economic empowerment of citizens and companies by the Alliance for Financial Inclusion (AFI), according to a statement.
The first award recognizes the CBE’s efforts to support the financial inclusion of the youth through various initiatives and projects, including facilitating the identification of clients and opening bank accounts. The second award acknowledges the CBE’s technical leadership role in the Arab world. The CBE also reached the final qualifier stage among five other nominated countries for the “Maya Declaration Commitment Award,” which recognizes the fulfillment of commitments in the field of financial inclusion and poverty alleviation, through moral pledges determined by AFI members annually. The CBE has taken several steps in the past years to boost financial inclusion, including allowing customers to open fee-free accounts at Egyptian banks with no minimum deposit required. As a result, Egypt’s financial inclusion rates improved between 2016 and 2022 by 147 percent. The AFI held its 13th annual conference in the Philippines in September 2023, where the CBE was presented by a delegation. Established in 2008, the alliance includes in its membership more than 86 financial institutions, central banks, and supervisory authorities from 82 countries. The CBE joined the AFI in 2013. The AFI aims to develop the tools utilized to promote financial inclusion, exchange technical and practical experiences between countries, and support the formulation and implementation of financial inclusion policies and strategies. |
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