The Central Bank of Egypt (CBE) launched many initiatives on the Arab Financial Inclusion Day on 27 April. The occasion, which lasts for a month, aims to enhance expansion in financial services in Arab countries, and support comprehensive economic development and sustainability, in the face of the challenges of unemployment and social injustice.
Under the slogan “Enhancing financial inclusion to support efforts to confront the repercussions of climate change”, Arab central banks seek to provide the necessary financing to meet the requirements of climate goals – one of the top priorities of COP27.
The initiatives launched by the CBE include allowing banks to operate outside their branches, especially in remote areas, and interacting with citizens by opening accounts without fees or a minimum fee, in addition to encouraging electronic wallet customers to use their wallets.
Based on the important role that financial inclusion plays in facing the repercussions of climate change, and enhancing sustainability and environmental preservation efforts, the CBE, in partnership with the World Food Program, has launched a project to increase the productivity of small-scale farmers and raise their standard of living by unifying holdings, diversifying and increasing income sources, in addition to lining agricultural waterways, encouraging the use of modern irrigation methods to enhance water use efficiency, and the use of solar energy panels in agriculture, which reflects the importance of financial inclusion in enhancing sustainability efforts and preserving the environment.
The banking sector is making tremendous efforts to expand financing projects that take into account the environmental component of society, such as clean and renewable energy projects.
The CBE also issued instructions to protect the rights of bank customers, and rules and systems for digital services such as the use of mobile phones and digital payment tools, in a way that contributes to expanding the availability and use of financial services, and supports sustainable development goals.