CBE launches annual Women's Financial Inclusion Event

Daily News Egypt

27-03-2025

As part of its commitment to enhancing women's access to formal financial services, the Central Bank of Egypt (CBE) has launched the annual 'Women's Financial Inclusion Event.' The event, which runs from March 8—coinciding with International Women's Day—until the end of the month, aims to expand financial inclusion opportunities for women across Egypt.
Since its inception in 2019, the initiative has significantly contributed to the availability of financial products for women. By March 2024, approximately 1.4 million financial products were provided, including 664,000 bank accounts, 196,000 e-wallets, and 530,000 prepaid cards. These efforts align with the CBE's broader mission to promote financial inclusion, resulting in a remarkable increase in the financial inclusion rate for women, which reached 68.8% by the end of December 2024—representing a 295% growth compared to 2016. As a result, 23.3 million women aged 15 and above now have access to financial services and own transaction accounts, out of a total of 33.9 million in this demographic.
The progress achieved stems from the CBE's Financial Inclusion Strategy 2022-2025, which focuses on integrating all societal segments into the financial system, with women at the forefront. This strategy is built on key pillars, including developing a supportive legal and regulatory environment, launching initiatives in partnership with government entities and international organizations, and encouraging banks to introduce financial products tailored to women's needs. Financial literacy is also a cornerstone of the strategy, as raising awareness is essential to empowering women with the knowledge needed to make informed financial decisions.
To facilitate women's access to banking services, the CBE has introduced new regulatory measures that simplify due diligence procedures. Notably, these guidelines allow women to open personal or business accounts using only their National ID, without requiring additional documentation. This measure is particularly beneficial for housewives, micro-entrepreneurs, and craftspeople. Additionally, the policy enables mothers—especially divorced or widowed women—to open accounts for their minor children, addressing long-standing barriers that have restricted women's engagement with the banking sector.
The CBE has also taken concrete steps to enhance women's economic empowerment by equipping bank employees with specialized training. In collaboration with international organizations such as the OECD and Women's World Banking, the CBE has provided training for employees in customer segmentation and retail banking to help them better understand women's financial needs. As a result, banks have begun issuing and developing tailored financial packages designed to meet the specific requirements of female customers.
Recognizing the transformative role of financial technology (FinTech) in advancing women's financial inclusion, especially in underserved areas, the CBE has supported the Digital Saving and Lending Groups Project, 'Tahwisha.' This initiative encourages women in rural communities to save and apply for loans to launch small and micro-enterprises. By December 2024, approximately 246,400 women were actively using the Tahwisha electronic application, while 209,000 women within savings groups and 102,500 outside these groups benefited from financial literacy and awareness campaigns.
As part of Egypt's digital transformation drive, the CBE has also introduced the 'Digitization of International Remittances Project,' aimed at integrating women into the formal financial system. This initiative supports Egyptian expatriates and their families by offering banking products to remittance recipients—1.5 million of whom are women, representing 85% of the total beneficiaries.
Additionally, the CBE plays an active role in the Women's Economic and Social Empowerment Program (WESEP), implemented in collaboration with the United States Agency for International Development (USAID) and executed by Pathfinder. This program further strengthens efforts to provide women with financial tools that enhance their economic participation and financial independence.
Through these strategic initiatives, the CBE continues to make significant strides in fostering women's financial inclusion, driving economic growth, and ensuring greater financial accessibility for millions of women across Egypt.