CBE directs increasing banks’ contributions in Decent Life initiative

Hossam Mounir
3 Min Read

The Central Bank of Egypt (CBE) directed the banking sector to intensify its participation in the presidential initiative “Decent Life”, which aims to improve the standard of living in the Egyptian countryside, and the services provided to poor groups, within the framework of the state’s Vision 2030.

To activate these directives, many banks have started to develop the financial infrastructure for the villages included in the initiative, in addition to providing financing and packages of various banking products and services, with the aim of providing financial and banking services that suit their needs.

According to a statement issued by the CBE, Monday, the banks participating in the presidential initiative organized awareness and educational campaigns in a number of centers and villages of the first phase of the initiative to introduce them to modern financial and banking services, and identify the actual needs of people in those areas.

Awareness campaigns organized by banks included 138 educational seminars for individuals, business owners and craftsmen on electronic banking and financial services, targeting about 53,000 people, to familiarize them with the process of opening bank accounts and how to use electronic wallets, mobile banking, internet banking and electronic payment methods to make their daily lives easier.

In terms of the banking services infrastructure that was provided in those areas, 294 new ATMs were installed, in addition to about 3,000 QR and PoS machines distributed among merchants, in addition to developing 71 bank branches and five new ones established.

As part of the expansion efforts to achieve financial inclusion and digital transformation, banks have opened about 19,000 bank accounts, 6,500 mobile phone wallets, and issued more than 29,000 Meeza cards, in addition to about 10,000 internet bank accounts, while spreading the culture of using e-payment methods.

With the aim of providing all aspects of support and assistance to farmers, producers, owners of crafts and projects, the banks participating in the initiative launched a number of financing programs for development projects to improve the standard of living in the targeted areas and create job opportunities.

The efforts of the banking sector during the period from July 2021 to March 2022 resulted in providing financing for about 17,000 small and micro enterprises, with a total value of about EGP 826m.

11 banks took part in the Decent Life initiative, under the auspices of CBE. These banks are National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Agricultural Bank of Egypt (ABE), QNB Alahli, Commercial International Bank (CIB), AlexBank, United Bank, Export Development Bank (EBank), Housing and Development Bank (HDB), and saib.

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