In a bid to strengthen African cooperation, the Central Bank of Egypt (CBE) hosted a delegation from the Banque Centrale de Mauritanie (BCM) to exchange knowledge and expertise on financial literacy and women economic empowerment. This visit, held in collaboration with the Alliance for Financial Inclusion (AFI), showcased Egypt’s leading strategies in financial education and inclusion.
Peer Learning on Financial Literacy Strategies
The delegation participated in an intensive peer learning program at the CBE, focusing on “The Implementation of Effective Financial Literacy Strategies”.
- Success Factors: The program highlighted key elements behind the success of Egypt’s financial literacy programs, which have driven financial inclusion rates to 71.5% as of June 2024.
- Policy and Partnerships: Discussions emphasized the role of policymakers and strategic collaborations with government entities and stakeholders to enhance financial awareness across society.
Spotlight on Women Economic Empowerment
A significant focus of the visit was Egypt’s initiatives targeting women, particularly the “Tahweesha” project.
- This Digital Village Savings and Loan Association initiative aims to economically empower women, integrating financial literacy into broader inclusion strategies targeting diverse societal groups.
Exploring Digital Financial Literacy and FinTech Innovation
The CBE introduced the Mauritanian delegation to its FinTech and Innovation Strategy, emphasizing its role in promoting digital financial literacy.
- Topics covered included initiatives to nurture FinTech talent and the CBE’s consumer protection efforts, ensuring customers are informed about their rights.
Field Visits to Support Practical Understanding
- Nilepreneurs Initiative:
- Delegates observed how entrepreneurs and small enterprises receive support, from ideation to business launch, including non-financial advisory services.
- Egyptian Banking Institute (EBI):
- The delegation was introduced to the “Finlit Hub”, a digital platform offering financial education to children, youth, adults, entrepreneurs, and financial service providers.
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