Officials highlight digital finance role to bolster various businesses in Cairo ICT 2023

Sharikat Mubasher: During a session titled ‘Impact of Financial Inclusion Using Innovative Digital Financial Products on People’s Wellbeing,’ a number of senior officials highlighted the pivotal role of digital finance in bolstering various businesses, including small and medium-sized enterprises (SMEs).

Chairman of the Agriculture Bank of Egypt, Alaa Farouk, stated that the bank provided agricultural finance worth around EGP 20 billion, in addition to its financing products for rural women, and the digital agriculture platform.

Farouk stated that the bank attracts a large segment of customers, thanks to its lending products and easy-to-use tools.

He emphasized the importance of digital agricultural holding as it contains all customers' information, and enables them to benefit from the bank’s services, including loans and pensions.

Furthermore, Farouk noted that financial inclusion will have a significant impact on enhancing rural life and supporting farmers.

On the other side, Amr Abul Azm, Co-founder, CEO, and Vice Chairman of Irada Microfinance, affirmed that the Central Bank of Egypt (CBE) plays a pivotal role in fostering enterprises.

He added that around 25 million customers benefited from the microfinance sector.

Moreover, Abul Azm emphasized the importance of reducing costs for the customer, as well as the vital role of payment technologies.

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.

Midar for Investment and Urban Development is the master sponsor of Cairo ICT 2023, while E-Finance Investment Group is the strategic partner.

Meanwhile, IBM is the digitalization sponsor, while ICT Misr and IoT Misr are the infrastructure sponsors of the expo.

Contribution Time: 20-Nov-2023 14:23 (GMT)
Last Update Time: 20-Nov-2023 14:44 (GMT)