Egyptian banks host ‘Diarna’ exhibitions to promote financial services, credit, and marketing opportunities

Daily News Egypt
3 Min Read

The Ministry of Social Solidarity, in cooperation with several banks, organized “Diarna” exhibitions at the banks’ headquarters and main premises, as part of the Central Bank of Egypt’s efforts to promote financial inclusion and support economic empowerment for all segments of society. The exhibitions gave the opportunity to skilled handicraft exhibitors to display and market their products and artwork. They also offered them access to various products and services provided by the banks, such as opening Economic Activity Accounts, using Points of Sale (POS) to receive payments, and getting credit to meet their financing needs.

About 111 exhibitors participated in the second round of “Diarna” exhibitions in 2023, as part of the “Financial Inclusion Events” held annually under the auspices of the Central Bank of Egypt (CBE). The events aim to enable the banks to expand their services and promote their products beyond their network of branches, and to reach customers in Egyptian governorates and remote areas, where the availability of financial services providers is limited.

Sherif Lokman, the Sub-Governor of the CBE for Financial Inclusion, emphasized that “The collaboration with the Ministry of Social Solidarity is in line with the CBE’s keenness to strengthen cooperation with all governmental entities to support the Egyptian state’s vision of achieving financial inclusion and promoting economic empowerment for Micro, Small and Medium Enterprises (MSMEs). This endeavor aims to create more job opportunities and achieve sustainable development goals, which are essential for Egypt’s Vision 2030.”

Mervat Sabreen, the Assistant to the Minister of Social Solidarity, commented: “The Diarna Exhibitions, hosted by various banks in 2023, reflect the coordinated efforts between the Ministry of Social Solidarity and the CBE. They also provide a platform to support the handicrafts sector and the workers in this field, which is part of the Ministry’s endeavors to achieve economic development and support financial inclusion. Nearly 11.5 million “Meeza” cards were issued to beneficiaries of the cash transfer Takuful and Karama program, pensioners, differently-abled people, and community leaders. Moreover, the Ministry adopted the principles of financial inclusion for access to finance seekers from productive families and micro enterprises.”

The “Diarna” Exhibitions, held at the banks’ premises, are part of the CBE’s initiatives to promote financial inclusion. The CBE has issued several regulations to facilitate access to banking services for all customer segments. Notably, the CBE issued a regulation that allowed business owners and freelancers to open Economic Activity Accounts using only their National IDs, overcoming the barriers that previously prevented a large segment of entrepreneurs and craftspeople from accessing formal financial services.

TAGGED:
Share This Article
Leave a comment