The Central Bank of Egypt (CBE) has launched a comprehensive financial literacy campaign in collaboration with the European Union (EU), GIZ Egypt on behalf of the German Government, and the Egyptian Banking Institute (EBI). This initiative aims to simplify financial concepts and raise awareness about various financial products and services, empowering citizens to make informed financial decisions while fostering trust in the banking sector.
Campaign Objectives and Importance
This campaign aligns with the broader efforts of the government and the CBE to promote financial inclusion across diverse societal segments, including women, youth, people with disabilities, elderly individuals, farmers, and entrepreneurs. By providing simplified and accessible financial education, the campaign emphasizes financial literacy as a cornerstone of the CBE’s Financial Inclusion Strategy, which supports Egypt’s vision of inclusive and sustainable economic development.
Project Background and Scope
The initiative is part of the technical assistance project titled “Strengthening Financial Inclusion and Banking Supervision in Egypt,” which was launched in November 2018. This project, implemented by GIZ in partnership with the EU and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), focuses on enhancing financial awareness and building the capacity of the banking sector to support diverse population groups.
Key Elements of the Campaign
The campaign features educational content tailored to explain essential financial concepts, such as financial inclusion, entrepreneurship, inflation, payment systems, and consumer financial protection. It also addresses the practical application of these concepts, ensuring that citizens, investors, and entrepreneurs have the knowledge required to navigate financial systems effectively.
Fostering Financial Awareness Across Society
A central focus of the campaign is to demystify financial processes and services. By targeting key societal groups, the initiative aspires to make financial education more accessible and relevant to specific needs, helping individuals and businesses make sound decisions in their daily financial activities.
Vision for Future Development
Through this campaign, the CBE reiterates its commitment to advancing financial literacy and inclusion in Egypt. The long-term goal is to create a financially aware society capable of utilizing banking services confidently and effectively, contributing to the nation’s economic growth.
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