LUXOR, Upper Egypt – Deputy governor of the Central Bank of Egypt (CBE) Sherif Loqman said Monday that financial inclusion rates have increased by more than 110 per cent over the past five years, rising from 27 per cent in the end of 2016 to 56.2 per cent by the end of 2021.
Addressing a conference on the future of small and medium-sized enterprises (SMEs), which is organised by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor, Loqman said the CBE is seeking to equally offer financial services to the majority of citizens across Egypt.
The CBE is acting to promote the banking culture among the different segments of society, he told the gathering.
Talking about the SME sector, the deputy governor said that expanding SME finances is meant to achieve goals of the financial inclusion.
He added that the SME finances have increased by 253 percent since 2015; now exceeding 400 billion pounds.
The banking sector has also outlined plans to expand technical support services offered to SMEs, Loqman said, noting this is the most important step in the coming period.
He made it clear that banks offer innovative solutions to help meet needs of the SME sector.
About 50 per cent of the economic sectors are not involved in banking services, Loqman told the conference, adding that the CBE is currently working to include those sectors through non-financial services.
The CBE deputy governor also touched upon early decisions to rehabilitate the infrastructure for digital transformation where cash and bank transactions are concerned.
