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Central Bank of Egypt, MCIT to Develop Financial Inclusion Plan
Source: 6/23/2018

Governor of the Central Bank of Egypt (CBE) Tarek Amer said an agreement has been reached with the Ministry of Communications and Information Technology (MCIT) to develop an integrated plan aimed at achieving financial inclusion.

The plan will also target transforming Egypt into one of the most important investment hubs in the fields of financial technology and ICT as well as supporting young talents of Egypt's engineers and scientists, benefiting from their ideas and supporting their innovations through CBE initiatives, the governor added during a meeting with Minister of Communications and Information Technology Amr Talaat.

They agreed to boost cooperation in launching several strategic projects in the fields of developing the electronic payment system, enhancing financial inclusion, and supporting young entrepreneurs working to develop financial technologies and mechanisms.

A statement issued by MCIT quoted Amer as saying he feels confidence in successfully applying the plan thanks to experiences and capabilities enjoyed by the two sides.

In turn, Talaat highlighted the importance of boosting cooperation with CBE in implementing the state strategy for the transition to the digital economy.

He added that his ministry plays a vital task in expanding the MCIT role in achieving the digital economy, promoting e-commerce, providing a secure technological infrastructure that supports the expansion of access to and availability of all financial services to different segments of the society through the electronic payment system in terms of mobile money transfer services, in addition to providing financial coverage services to citizens via the Egyptian Post nationwide.

The meeting also mulled ways to promote mutual cooperation in supporting ICT young innovators and providing financial support required to finance their projects through initiatives adopted by the Central Bank of Egypt to motivate them to innovate and develop ideas aimed at developing the economy and providing financial services.

It also discussed ideas to train graduates to work in the ICT field within the banking system and activate the provision of financial support and funding for ICT projects.

Related Categories: Accounting, Statistics  Economics/Financial Analysis  General  Insurance 

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