The United Nations Capital Development Fund (UNCDF)-based “Better Than Cash Alliance” conducted an interview with Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE). Under Governor Abdallah’s leadership, the CBE has enacted comprehensive reforms to integrate marginalized groups into the formal economy.
The CBE’s financial inclusion strategy for 2022-2025 specifically targets underserved groups, such as women, youth, and Persons with Disabilities (PWDs), aligning with global best practices while addressing local needs. In this exclusive interview, Governor Abdalla provides valuable insights into Egypt’s advancements in financial inclusion, shedding light on the achievements and difficulties encountered. Additionally, he delves into the essential policies and regulatory frameworks necessary to cultivate a conducive environment for financial inclusion, with a distinct focus on PWDs.
Egypt has made significant strides in financial inclusion, especially for Persons with Disabilities (PWDs). Can you highlight some critical successes and challenges encountered on this journey?
The financial industry has witnessed significant transformation, with financial inclusion, consumer protection, and inclusive green finance becoming top priorities for financial regulators, especially in developing economies. Egypt stands out as a pioneer in advancing financial inclusion, aiming to leapfrog into the future by adopting international best practices and exploring new areas. Believing in the tremendous impact of financially including all citizens on the country’s financial stability, the CBE issued a financial inclusion strategy for 2022-2025. This strategy focuses on vital marginalized segments of the population, including women, youth, and PWDs, emphasizing regulatory and guidance perspectives. The journey has seen successes in integrating these groups into the formal financial sector, but challenges remain in ensuring widespread access and acceptance.
What policies and regulatory measures has the Central Bank of Egypt implemented to enhance the financial inclusion of PWDs?
Supporting the financial inclusion of PWDs requires a holistic approach, starting with creating an enabling environment through policies and regulations to incentivize and empower the banking sector. In 2021, the first set of rules was introduced to enable PWDs to formally access financial products and services. Key measures included:
We mandate that all newly established branches, at least 10% of existing branches, and ATMs be designed and equipped to serve PWDs.
We are providing application forms in Braille.
We are ensuring customer service representatives are fluent in sign language.
We are adopting tiered KYC (Know Your Customer) regulations to allow banking accounts to be opened with only a National ID.
We are implementing simplifications and facilitation measures to drive inclusion.
Additionally, the CBE launched an annual dedicated financial inclusion event for PWDs in December. During this event, banks are permitted to conduct commercial activities outside their branches to raise financial awareness and promote inclusion by allowing customers to open accounts without fees or minimum balances.
How has the banking sector adapted to and implemented the new accessibility requirements for PWDs?
The sector has complied with the necessary accessibility requirements in its branches and ATMs, surpassing the percentage defined by the CBE. It has adopted a single-window system to ensure swift and convenient service to clients and has taken steps to enhance services based on clients’ disabilities.
Around 9,300 employees have been trained in sign language to better serve and assist clients with hearing or speech impairments. Account opening and other product application forms are available in Braille for visually impaired clients. Additionally, all banking procedures accept signature stamps and fingerprints as alternatives to written signatures.
Banks have also enabled screen reading software for their electronic channels and issued debit and credit cards upon request, ensuring these cards are appropriate and easy to use. Unique designs with prominent letters and numbers facilitate customer card identification.
Audio and sign language recordings are required for information on banks’ websites and social media sites. Additionally, branch employees can conduct home visits to PWDs to offer banking services.
While more time is needed to ensure these services are accessed on a broader scale, these measures will allow for further developments and enhancements by the banks to empower PWDs financially and serve them with their convenience and needs in mind.
