6 main features of financial inclusion campaigns led by The Central Bank

30/03/2021



On the sidelines of The United Bank's shuttle tours in Egyptian governorates
6 main features of financial inclusion campaigns led by The Central Bank

Nevine Kashmiry - Deputy Managing Director, Business Sectors, The United Bank
•    Shuttle tours in 5 governorates for financial and digital education.
•    The United Bank participates in the activities of financial inclusion from 8 to 31 March 2021.
•    Close correlation between the continuity of financial stability and the financial inclusion base expansion.
 
Cairo: March 30th, 2021

Nevine Kashmiry - Deputy Managing Director for Business Sectors The United Bank - announced 6 main advantages of the financial inclusion campaigns in which The United Bank actively participates in the period from March 8 to March 31, led by The Central Bank of Egypt, as follows:

1.    Achieving the Egyptian state’s strategy towards 2030 vision to include all citizens, especially the simple and the marginalized groups of society, within the state’s economic and financial system aiming to raise the standard of living of citizens and improve the quality of services provided to them.
2.    Supporting various economic sectors such as medium, small and micro projects and entrepreneurship, whether in the field of agricultural, industrial, commercial or service production.
3.    Financial and digital education in supporting the Egyptian state’s strategy towards the transformation to a cashless society.
4.    Launching many national initiatives to contribute to improve the citizen's standard of living, including: the real estate finance initiative, the initiative to finance small, medium and micro projects with reduced benefits, the stalled projects initiative, the Nile pioneers initiative, and other national initiatives.
5.    Achieving more financial and economic stability which will be reflected in raising the rates of growth, production and sustainable development.
6.    Integrating care priority groups, such as: women, youth, entrepreneurs, elderly entrepreneurs and handicapped.

This is on the sidelines of The United Bank's shuttle tours in 5 governorates from the governorates of the Arab Republic of Egypt, and they are: Dakahleta Governorate - Menoufeya Governorate - Qalioubeya Governorate - Sohag Governorate - Cairo Governorate aiming to expand the financial inclusion base, enhance financial education and awareness of digital products and outstanding financing solutions for the small, medium and micro projects sector.

Close correlation between the continuity of financial stability and the financial inclusion base expansion.

Nevine Kashmirt explained that there is a close correlation between the increase in the financial stability rate that the Egyptian state and The Central Bank were able to achieve amid great challenges and expanding the financial inclusion base, the entry of large and different percentages of society marginalized economic sectors and residents of rural areas into the economic system, which led to high indicators of financial stability and consequently a decrease in the inflation rate - a decrease in the domestic public debt and the total budget deficit to GDP. In addition to the improvement of the performance sub-index of the banking sector due to the increase in capital adequacy and the liquidity rates in local and foreign currencies.

It is worth noting that The United Bank held two seminars at Tala Youth Center, Menoufeya Governorate, to review the financing services of the United Bank for the small, medium and micro projects sector, and also the specialized services for the entrepreneurship sector, whether for women or young people, whether in the field of agricultural, industrial or crafts production.

In addition to the review of the digital services package provided by the United Bank to make it easier for customers, as well as financial education to spread financial literacy and protect customer rights.

She added that The United Bank offers, within the financial inclusion activities, the possibility of opening bank accounts without administrative expenses and without a minimum, in addition to a series of digital services such as internet banking, mobile banking and digital wallets with their distinct characteristics and those who work 24 hours, 7 days a week, so that The United Bank's clients can: Follow up all their personal accounts, whether deposits, certificates, cards, or finances and make all transfers between their accounts with the utmost freedom, as well as making external transfers, whether to customers of The United Bank or non-customers, with complete safety.

The digital services also allow The United Bank’s customers to request the issuance of check books, the issuance of alternative cards, activating or deactivating cards (if necessary) - in addition to the ability to conduct self-credit inquiry I-Score, as well as charging and paying mobile phone and electricity bills and the possibility of providing support and assistance through a group of large associations and institutions approved by the Ministry of Social Solidarity.

In addition, the request to issue or link the distinguished The United Bank certificates, whether traditional or compatible with the provisions of Sharia, as well as requesting the issuance or linking of deposits of various kinds, especially those with a prepaid return, where the customer can easily follow some instructions himself, whether through his mobile phone or via the Internet banking. As well as launching the digital wallet subscription service and self-activation without the need to visit any of the 65 branches of The United Bank that are spread throughout the Republic.