CBE top official: Egypt plans to increase financial inclusion to 80%

Sharikat Mubasher: The financial inclusion in Egypt is currently valued at 68% and the government plans to increase this percentage to hit around 80%, Sherif Lokman, Financial Inclusion Sub Governor at the Central Bank of Egypt (CBE), revealed during the 27th edition of Cairo ICT expo.

In a session titled ‘Impact of Financial Inclusion Using Innovative Digital Financial Products on People’s Wellbeing,” Lokman noted that financial inclusion in Egypt recorded 14% and 25% in 2014 and 2015, respectively.

The official clarified that financial inclusion is one of the key elements of tackling corruption and helping any society to thrive.

Lokman affirmed that financial literacy is crucial to ensure the continuity of financial inclusion, elaborating that financial literacy relies on three axes: banker, citizen, and government.

Cairo ICT 2023 is a leading technology expo in Africa and the Middle East that showcases the latest advancements in information technology, telecommunications, satellite communications, and artificial intelligence (AI).

It takes place from 19 to 22 November with the participation of over 400 local and global companies and more than 200 speakers.

Under the theme ‘Ignite Innovation: Merging Minds & Machines for a Better World,’ the four-day expo aims to explore ideas, share insights, and shape the future of technology.

Contribution Time: 20-Nov-2023 13:38 (GMT)
Last Update Time: 20-Nov-2023 13:38 (GMT)