CBE gov.: We give top priority to spurring financial inclusion rates

CAIRO - 16 September 2019: Governor of the Central Bank of Egypt (CBE) Tarek Amer on Monday said the bank gives top priority to spurring financial inclusion rates, in parallel with Egypt's Vision 2030 for Sustainable Development, which focuses on economic, social and environmental dimensions.

Amer's remarks came in a speech delivered by his deputy Lobna Helal during a workshop organized by the Arab Monetary Fund in collaboration with the CBE on financial inclusion and supporting small and medium-sized enterprises in the Arab world.

The CBE governor underlined the importance of paying more attention to assessing the levels of financial inclusion on a regular basis and creating the suitable regulatory and legislative environment for promoting a risk-based approach so as to integrate all segments of the society into the formal financial system while guaranteeing the rights of bank clients.

He also called for raising awareness about the importance of financial inclusion by launching initiatives to reach target groups, stressing the need to ensure the provision of financial services at an appropriate cost and in a fair manner.

Amer stressed as well the need for providing a supportive environment, through backing entrepreneurs and promoting innovative projects, as well as strengthening the business climate.

The CBE governor also asserted the necessity of upgrading the technological infrastructure necessary to support and stimulate the use of electronic payment methods, with a view to transforming into a less cash-based economy and establishing a center for financial technology (Fintech Hub).

Meanwhile, Amer praised the Arab Monetary Fund's continued efforts to address all challenges facing the Arab banking sector, which resulted in the formation of an Arab working team on strengthening financial inclusion.