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EFSA is preparing to Participate in the Financial Inclusion Global Initiative

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• EFSA welcomes Egypt’s presence with other three countries in the Financial Inclusion Global Initiative
 • Sherif Samy: Launching the first digital map for microfinance at center’s level
• EFSA contributes to the financial inclusion through microfinance and the  issuance of electronic insurance policies

Sherif Samy – EFSA’s Chairman welcomed the Financial Inclusion Global Initiative launched by the World Bank with the cooperation of the International Telecommunication Union (ITU), which will focus on three model countries, including Egypt.  EFSA’s Chairman stressed that the Authority seeks to achieve financial inclusion through introducing financial products and services targeting low incomes and other financially marginalized categories which did not benefit from dealing with banks and other insurance or financing entities. 

 Sherif Samy pointed out that the three-year initiative, which includes Egypt, China and Mexico, will work on developing the electronic payment systems to spread the financial services.  He added that the World Bank declaration revealed that Egypt has Laws and regulatory decisions that suit the markets in addition to the financial and technological infrastructure. Thus, it has success factors to achieve the financial inclusion for nearly44 million citizens.

EFSA’s Chairman noted that efforts started in the field of non-banking financial services by the issuance of Microfinance Law, followed by introducing micro-insurance form, launching the issuance and distribution of electronic insurance policies , and drafting a new law for financial leasing and factoring, and submitting  micro-financial leasing draft to the Cabinet of Ministers  to be approved. Also, he pointed out that EFSA is cooperating with the Central Bank of Egypt in achieving the financial inclusion and it will be a member in the National Council for Payments.

Sherif Samy revealed that the Authority launches today the first interactive digital map for microfinance which shows the entities that are licensed to practice microfinance activity from companies, associations and civil institutions in various governorates and at the level of centers in each governorate.  The map identifies branches of these entities, their addresses, number of clients and financing value in each governorate and center. He added that interested people can view the map through the internet.

He pointed out that the report of the Global Microscope which is published annually by the Economist   and presents the conditions of financial inclusion all over the world revealed that Egypt advanced 2 places in the ranking and 10 points in the measurement of financial inclusion since 2014. The report classified Egypt   and other three countries in the world as Movers & Shakers, that is in light of the activation of Microfinance Law and  the issuance of the rules and standards  set for practicing the activity.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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