Banks offer EGP 4bn to 172k small, micro enterprises in Decent Life initiative: CBE 

Hossam Mounir
1 Min Read

The Central Bank of Egypt (CBE) has announced that the banking sector offered EGP 4bn in finance to about 172,000 enterprises during the period from July 2021 to September 2022, in the first phase of the presidential initiative Decent Life.

He pointed out that banks provided many banking products to the villages under the initiative, as about 52,000 bank accounts were opened, in addition to 13,000 phone wallets, 94,000 prepaid “Meeza” cards, and 23,000 internet bank accounts.

Moreover, the infrastructure for banking services has also been set up in these villages through the installation of 398 ATMs, as well as the distribution of about 5,000 points of sale and quick response codes for merchants, in addition to 75 bank branches and 11 new branches.

According to CBE, these villages witnessed several visits during which 335 educational seminars for individuals were held, targeting 65,000 people. This aims to improve and develop the financial infrastructure in the villages, raise awareness and educate citizens about the importance of financial inclusion, provide banking products and services, and provide the necessary financing through micro-loans, which empowers them to establish income-generating projects and improve their standard of living.

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