The banks operating in the Egyptian market will be ending the events of the Arab Financial Inclusion Week on Monday after the campaign went on for two weeks. During it, banks dispersed across the Egyptian governorates in order to promote the banking services they offer and absorb new clients, implementing the directives of the Central Bank of Egypt (CBE) in that regard.
Since mid-April, banks deployed mobile and fixed teams in streets, squares, clubs, and markets to introduce banking services to citizens as well as to explain the importance of the banking sector.
During that period, banks also opened new accounts for new clients for free, and issued e-payment cards free of charge.
Those efforts carried out by the banks are in line with the directives of the CBE, which is adopting several initiatives to achieve financial inclusion as one of its top priorities.
The financial inclusion week was launched for the first time in 2017 to celebrate Arab Financial Inclusion Day on 27 April.
Banks in the Egyptian market start the events to celebrate the occasion several days before it and finish the celebrations a few days after it, after receiving the approval of the CBE.
Last year, the CBE gave financial inclusion two definitions. The first involves citizens. It stipulates that financial inclusion means that each individual or institution in society can find financial products suitable for their needs, including current accounts, payment and transfer services, insurance, funding, credit, and other products and services.
The second definition involves the financial sector. It stipulates that financial inclusion means making financial services available for the various social classes of society, whether they are individuals or institutions, as well as work on enabling these classes to use such services and offer them financial services of good quality and for reasonable prices through the official channels of the financial system.