EGX, FRA join ‘Financial & Digital Inclusion for Youth’ summit

Fatma Salah
3 Min Read

The Egyptian Exchange (EGX) took part in a local summit titled “Financial and Digital Inclusion for Youth”, held at the Sports Center in Maadi, with the attendance of officials from the Ministry of Youth and Sports, public figures, media professionals, and relevant authorities.

Minister of Sports Ashraf Sobhy stressed the importance of developing a financial culture for the national economy, raising awareness of financial and digital inclusion, and empowering all segments of society to control their financial future by using the digital payments technology and financial inclusion services provided by the state.

Sobhy also highlighted the vision of the political leadership regarding digital transformation. He said that the Ministry is keen on using modern communication and information technology solutions and applications to improve the sports system in Egypt. He added that the Ministry is moving towards digital transformation in various projects and services, in line with the Egyptian state’s policy.

Chairperson of FRA Mohamed Farid said that educating young people about financial culture, especially non-banking financial services and products, which are essential for achieving financial inclusion in society, using technological applications is crucial. He also expressed his support for Egypt’s vision towards financial inclusion and a digital economy, which enables various segments of the Egyptian society to benefit from non-banking financial services. He said that this would increase the efficiency of the economy and enhance the ability of the financial system to mobilize savings and re-inject them into economic entities.

Chairperson of EGX Ahmed El-Sheikh said that the youth play a major role in Egypt, as they constitute the majority of the population; however, they are underrepresented in society. He said that it is vital to introduce the concepts of financial and digital inclusion and cumulative savings to young people and to familiarize them with the basic concepts of stocks and the stock exchange.

El-Sheikh concluded by saying that the EGX is making great efforts to attract more young people and successful companies to register on the EGX and benefit from it. He also said that financial technology is important because of its role in raising the efficiency of the financial market and achieving the state’s strategy for financial inclusion.

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