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EFSA Launches Financial Awareness Initiative for Youth

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• Abdel-Moaty: In order to increase the number of beneficiaries from financing activities, we need to pay attention to financial education

Counselor /Reda Abdel Moaty- EFSA’s  Chairman revealed that within the context of paying attention to youth and within the framework of  EFSA’s effort to provide awareness in non-banking financial services, EFSA has invited universities’ students at its headquarter in Smart Village to join a discussion session entitled “Financial Awareness Initiative for Youth”.  It is a roundtable event to open a discussion with the youth and look beyond their ideas and views regarding what they know and expected from the non-banking financial sector. This event will be a guide to be used upon preparing a successful awareness plan that contributes in increasing youth’s awareness and skills to be “pioneers in business and project developments” in the near future.

Yesterday’s meeting which was organized in cooperation with the Strengthening Entrepreneurship and Enterprise Development (SEED) project, represents a key step in developing a strategy aimed at achieving real progress in the field of financial education for a number of target groups in the society and in cooperation with all relevant parties such as universities, Small and Medium Enterprises Development Authority – SMEDA,
Donors and financial institutions. EFSA also cooperates with the National Council for Women (NCW) and the Media after the latest reports that revealed that women represent 70% of the beneficiaries of microfinance activity.

He added that trust in non-bank financial products will not be realized without realizing  EFSA’s regulatory role and being  aware of financial legislations prepared by the Authority, and its contribution in developing  new tools in mortgage finance, investment funds, factoring and microfinance, besides its effort in developing capital market legislations and mechanisms of the insurance industry and private insurance funds.

Counselor / Abdel Moaty said that raising awareness and participating  in Financial Awareness Initiative are among EFSA’s  priorities whether in the capital  market, insurance, private insurance funds, microfinance and mortgage  finance, that is due to  the developments  that occurred in information technology and communication  which has greatly contributed to the accessibility of  financial products and services, and the increased risk associated with taking the right financial / investment decision.

Also, he emphasized  that presenting  financial awareness initiatives, workshops and forums in various regions of Egypt for the purpose of financial education , and the information  being published on EFSA’s website as well as social networking pages, remain only individual efforts exerted by the Authority, unless audio-visual and print media ( the main partners) – help the Authority in raising awareness of citizens and guiding them in order to  achieve financial education, and increase the benefit of various segments of the society from these financial services.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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