In a concerted effort to support the state’s strategy for Sustainable Development Goals (SDGs) and in sync with Egypt’s Vision 2030, the Central Bank of Egypt (CBE) has endorsed the participation of several banks in the second phase of the presidential initiative “Decent Life”. This initiative is designed to enhance the quality and reach of financial services to citizens by facilitating access to banking and financial services across 20 governorates, 52 towns, and 1,667 villages, in collaboration with the Ministry of Planning and Economic Development.
The involvement of banks in “Decent Life” aligns with the CBE’s ongoing collaboration with all pertinent stakeholders. This includes partnerships with various ministries and entities such as the Ministry of Planning and Economic Development, the Ministry of Social Solidarity, the Ministry of Youth and Sports, and the National Council for Women, all working towards the desired development goals.
In this context, a CBE delegation, along with representatives from several banks, visited Luxor Governorate. The visit encompassed 11 villages in the Al-Qurna and Al-Bayadiya towns, aiming to pinpoint the actual challenges faced by citizens and to understand their banking and financial needs, which will be addressed in the new phase of the initiative.
This follows the successful engagement of banks under the CBE’s guidance during the first phase of “Decent Life” from July 2021 to December 2023. The initial phase yielded positive outcomes that helped improve the living standards and economic empowerment of citizens. Achievements include the installation of approximately 1,217 new ATMs, the opening and renovation of 14 bank branches, and providing access to about 1.3 million financial products (bank accounts, prepaid cards, and mobile wallets). Additionally, the first phase facilitated credit for small and micro enterprises totaling nearly EGP 32.7 billion (directly through banks and via Microfinance Institutions with bank credit facilities), and organized about 4,400 financial literacy seminars on banking services and products, benefiting roughly 236,000 citizens, including individuals and business owners.
Sherif Lokman, the CBE’s Sub-Governor for Financial Inclusion, stated: “The CBE is committed to improving access to financial services and products and raising the living standards of citizens in all governorates participating in the ‘Decent Life’ initiative. This commitment is demonstrated by actively engaging with communities to ascertain their genuine needs, as evidenced by the recent visit to Luxor Governorate, which focused on identifying banking sector challenges. Banks are dedicated to developing and enhancing the financial infrastructure in areas targeted by the ‘Decent Life’ initiative, providing financing, diverse banking products, and services, and promoting financial literacy, especially among the most vulnerable and financially excluded groups. These combined efforts are pivotal in making financial and banking services available to meet the varied needs of society, thus supporting the strategic objectives of financial inclusion and digital transformation.”
Lokman confirmed that the banking sector’s engagement in the initiative aligns with its commitment to women’s economic and social empowerment. This is achieved by organizing sessions to enhance financial awareness and education, highlighting women’s pivotal role in society, and improving their access to microfinance opportunities in various sectors.
The banking sector’s endeavors are designed to empower women, nurturing their autonomy and bolstering their impact on familial financial decisions, while also providing financial services and products tailored to their needs.
The second phase of the initiative is set to include 11 banks: National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Agricultural Bank of Egypt, QNB Alahli, Commercial International Bank (CIB), ALEXBANK, the United Bank, EG-Bank, Attijariwafa Bank Egypt, and the Housing and Development Bank (HDB).
