Latest news with #FinancialInclusionStrategy
Scotsman
7 days ago
- Business
- Scotsman
Why a Fair Banking Act would create a more inclusive economy
Sharon Macpherson urges the Government to do more than produce yet another policy document that fails to shift the dial Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... With the imminent publication of its long-awaited Financial Inclusion Strategy, the UK Government has a timely opportunity to reshape the financial system so that it truly works for everyone. Central to that vision should be a bold, legally grounded commitment: a Fair Banking Act. Despite progress in some areas, millions across the UK continue to face daily barriers to accessing affordable, appropriate financial services. Recent figures suggest that around one in seven adult Scots fall into the definition of 'financially excluded', meaning they could potentially struggle to access affordable and fair financial services. Advertisement Hide Ad Advertisement Hide Ad Whether it's the inability to open a bank account, denied affordable credit, or enduring poor service that ignores the needs of people in vulnerable circumstances, the current system too often fails those who need it most. It's not just individuals and households who are impacted. Businesses can also struggle to access the funds they need to start up or grow, hampering economic growth. The current financial services system often fails those who need it most (Picture: John Devlin) While the cost-of-living crisis may have seemingly passed its peak, a recent report from the debt charity Step Change Scotland tells a different story, with alarming rises in debt among its clients and record arrears on household bills. The financial system should be a force for resilience, dignity, and opportunity, not one that entrenches disadvantage. A Fair Banking Act would help turn that principle into practice, giving financial inclusion the legal weight and policy priority it demands. It would establish minimum service standards, guarantee universal access to no-fee basic bank accounts, and require transparent reporting on how banks serve vulnerable customers. Beyond these measures, the legislation would formalise financial inclusion as a regulatory duty and embed co-design principles that ensure financial products actually work for those who need them most. Figures from The Fair Banking for All Campaign suggests that a Fair Banking Act could lead to a thirteen-fold increase in the level of annual lending to people and businesses by responsible credit providers from an estimated £250 million per year now up to a £3.3 billion per year. Advertisement Hide Ad Advertisement Hide Ad This isn't just about banking. It's about recognising that in today's economy, financial services are essential infrastructure. By removing barriers that keep millions excluded from the financial mainstream, a Fair Banking Act would reduce reliance on predatory alternatives, build community wealth, and strengthen our economic system through greater participation. Sharon Macpherson, Associate, Financial Inclusion for Scotland In Scotland, we've seen the power of partnerships and place-based innovation. Credit unions, community lenders, fintechs and the third sector are leading the way in delivering inclusive financial services, such as ethical lending, budgeting tools and financial education in schools. But local action alone isn't enough. Without a clear legislative and regulatory framework at UK level, these efforts remain fragmented and fragile. The UK Government's upcoming Financial Inclusion Strategy is a welcome step, but without enforceable commitments, timelines, and accountability, it risks being yet another policy document that fails to shift the dial. Advertisement Hide Ad Advertisement Hide Ad A Fair Banking Act would anchor the strategy in law. It would send a clear message that access to fair, affordable financial services is not a 'nice to have', but a matter of social justice and economic resilience. We urge the Government to be bold. To listen to communities, campaigners, and experts. To move beyond words and towards lasting, structural change. A Fair Banking Act would be a big step towards a more inclusive economy.
See - Sada Elbalad
27-03-2025
- Business
- See - Sada Elbalad
CBE Launches Annual 'Women Financial Inclusion Event'
Taarek Refaat Press release 295% Growth in Women's Financial Inclusion Rate from 2016 to the End of 2024 As part of the Central Bank of Egypt's (CBE) commitment to increasing women's financial inclusion rates and encouraging their use of formal financial services, the CBE launched the 'Women Financial Inclusion Event', which annually kicks off on the 8th of March, coinciding with International Women's Day and continues till the end of the month. The CBE revealed that the 'Women Financial Inclusion Event', launched in 2019, has contributed to availing nearly 1.4 million financial products to women by March 2024. This includes the opening of 664,000 bank accounts and 196,000 e-wallets, as well as issuing 530,000 prepaid cards. The event comes in line with the CBE's efforts to promote women's financial inclusion, yielding tangible progress in the financial inclusion rate of women, which reached 68.8% by the end of December 2024, reflecting a 295% growth rate compared to 2016. As a result, around 23.3 million women, out of a total of 33.9 million women aged 15 and above, currently have access to financial services and own transaction accounts. This progress was driven by the CBE's Financial Inclusion Strategy 2022-2025, aimed at promoting financial inclusion across all segments of society, with women at the forefront. The Strategy is founded on several pillars, including the development of women-supportive legal and regulatory environment, the launch of stimulating initiatives and projects in collaboration with ministries, relevant authorities, and international institutions, as well as guiding banks to offer financial products that meet women's needs. Additionally, it emphasizes the importance of spreading financial literacy - a key pillar of the Financial Inclusion Strategy -, as it plays a critical role in raising financial awareness and enabling women to make sound financial decisions. Several regulations have been issued to foster supportive legislative and regulatory environment to facilitate women's access to banking services and products. Notably, these regulations include guidelines for financial inclusion products and services that simplify due diligence procedures for individuals and economic activities. This allows customers, particularly women, to open accounts using only their National IDs for personal or business purposes, without requiring any additional documents. This initiative aims to assist housewives, micro-entrepreneurs, and craftspeople, while also enabling women to open accounts for their minor children, addressing barriers that women encounter when engaging with the banking sector, especially divorced or widowed mothers. Within its ongoing efforts to promote women's economic empowerment and provide suitable financial services and products, the CBE has trained bank employees in customer segmentation and retail products departments, in collaboration with international organizations (such as the OECD and Women's World Banking), as this training aimed to encourage them to thoroughly assess women's financial needs. As a result, banks are already issuing and developing tailored financial packages for women within the banking sector that cater to their specific requirements. In light of Fintech's role in boosting women's financial inclusion and facilitating their access to financial services, especially in remote areas, the CBE has sponsored the Digital Saving and Lending Groups Project "Tahwisha." This project aims to incentivize women in Egypt's rural areas and countryside to motivate them to save, and apply for loans to open small and micro-enterprises. As of December 2024, the number of women participating in Tahwisha's electronic application reached approximately 246,400. Furthermore, around 209,000 women within savings groups and 102,500 women outside these groups have benefited from financial literacy and awareness campaigns. As part of promoting digital transformation and integrating women into the formal financial sector, the CBE launched the 'Digitization of International Remittances Project' for Egyptians working abroad. The project aims to provide banking products to remittance recipients, around 1.5 million of whom are women, representing about 85% of total beneficiaries. The CBE also participates in the Women's Economic and Social Empowerment Program (WESEP), which is implemented in collaboration with the United States Agency for International Development (USAID) and executed by 'Pathfinder'. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Ireland Replaces Former Israeli Embassy with Palestinian Museum News Israeli PM Diagnosed with Stage 3 Prostate Cancer Lifestyle Maguy Farah Reveals 2025 Expectations for Pisces News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
Daily News Egypt
22-03-2025
- Business
- Daily News Egypt
CIB, Nile University celebrate first graduating cohort from Sustainable Finance Programme for SMEs
The Commercial International Bank (CIB) and Nile University recently celebrated the graduation of the first cohort from the Sustainable Finance Programme, an initiative developed with CIB's support under the auspices of the Central Bank of Egypt (CBE). This programme is part of CIB Egypt's ongoing collaboration with leading educational institutions committed to innovation and academic development. Designed to align with labor market needs and national economic priorities, the initiative emphasizes digital transformation and sustainable development in accordance with Egypt Vision 2030 and the CBE's Financial Inclusion Strategy (2022-2025). The partnership has laid the foundation for future joint programmes focused on retail banking and sustainable finance. The graduation ceremony marks a milestone for students who have gained cutting-edge knowledge and practical tools to support SME owners, fostering both economic and societal growth. The event underscores the importance of institutional collaboration in bridging the gap between education and industry, demonstrating how private sector involvement can elevate Egypt's educational landscape. By equipping a new generation of professionals with expertise in sustainable development and SME finance, the programme strengthens the financial and banking sectors while aligning with national strategic goals. In 2022, Nile University and CIB signed a Memorandum of Understanding (MoU) to launch this first-of-its-kind academic programme in Egypt, specializing in sustainable finance for SMEs. Under the patronage of the CBE, the initiative reflects CIB's commitment to nurturing young talent and supplying the job market with highly skilled professionals capable of navigating Egypt's evolving economic landscape. The collaboration reinforces the CBE's dedication to investing in the development of banking professionals, beginning with training and education to shape future leaders in finance.
Zawya
13-03-2025
- Business
- Zawya
HC Brokerage signs Cooperation Agreement with Fawry Plus to enhance trading and investment services
Cairo: HC Brokerage, one of Egypt's leading securities brokerage firms, has announced the signing of a cooperation agreement with FawryPlus for Banking Services. The partnership aims to simplify trading in the stock market, in line with HC's strategy to expand its service offerings and enhance accessibility for clients across Egypt. Under this agreement, HC clients will be able to open securities brokerage accounts, complete bookkeeping procedures, and sign online trading contracts, among other services, through FawryPlus' extensive branch network across all governorates. This eliminates the need for clients to visit HC branches or wait for company representatives. Commenting on this strategic partnership, Hossam Ezz, CEO of FawryPlus stated: "Were delighted to partner with HC Brokerage, as this partnership reaffirms Fawry's commitment to providing innovative solutions that support the growth of Egypt's financial market fostering effective partnerships with brokerage firms to attract new segments of investors and integrate them into the formal financial sector. He added: "FawryPlus places great emphasis on the Financial Inclusion Strategy (2022-2025) issued by the CBE. Our goal is to promote the financial inclusion, expand access to financial services for underserved consumers in rural and remote areas, improve financial literacy, and facilitate access to financial services for both individuals and businesses, ultimately encouraging a shift towards the formal financial sector. " Hassan Choucri, Managing Director of HC Brokerage, expressed his enthusiasm for the partnership, stating: "This agreement marks a significant milestone in HC's journey, enhancing our ability to provide more advanced financial and investment services in line with Egypt's digital transformation and financial inclusion agenda." He added: "At HC, we are committed to expanding our reach by leveraging Fawry Plus's extensive branch network. This enables us to offer innovative solutions tailored to the needs of diverse investor segments, both individual and institutional, while contributing to the development of Egypt's capital market." He further emphasized: "As a leading financial advisor with over 25 years of experience in both local and regional markets, HC continuously adapts to the evolving financial landscape. The recent shift in the Egyptian stock market, where individual investors now account for the majority of trading, underscores the need for more efficient and innovative solutions to support their growth and enhance market performance." This collaboration ensures that HC's diverse and integrated services are now available to all investor segments, including individuals and institutions, without the need for travel between governorates or visits to the company's headquarters. It reflects HC's commitment to adopting the latest digital technologies to promote financial inclusion and facilitate broader access to financial services. FawryPlus is a leading player in promoting financial inclusion, providing accessible banking services such as digital wallet activation, prepaid cards, Know Your Customer (KYC) registration, financial inclusion account openings, and electronic remittance and collection services. Through its extensive network and innovative model, FawryPlus bridges the gap in financial service accessibility, empowering individuals and businesses to manage their financial affairs efficiently. With over 300 branches across Egypt and operating seven days a week FawryPlus prioritizes reaching remote areas that lack access to financial services, enabling banks to serve their customers beyond official working hours. FawryPlus has also revolutionized the banking sector with its "One Zone, One Bank" model, which offers a centralized banking hub for more than 36 banks, making it easier for individuals and businesses to access various financial and banking services under one roof. About HC Brokerage: HC Brokerage is an affiliate of HC Securities & Investment– a full-fledged investment bank providing investment banking, asset management, securities brokerage, research, and custody services. HC Brokerage is an Egyptian registered company and member of Egypt's Financial Regulatory Authority (FRA), and its registered address is 34 Gezirat Al-Arab St., Mohandessin, Giza, Egypt. About Fawry for Banking Technology and Electronic Payments Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population. Fawry's primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and variety of other services. Through its peer-to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through a number of platforms including websites, mobile phones, and POSs. With a network of 36 member banks, its mobile platform and more than 372 thousand agents, Fawry processes more than 6 million transactions per day, serving an estimated customer base of 53.1 million users monthly. Learn more at
