Governor of the Central Bank of Egypt, Mr. Hassan Abdallah, met with Dr. Alfred Hannig, the CEO of the Alliance for Financial Inclusion (AFI), on Monday, April 7, 2025. The meeting, which took place at the Central Bank, was attended by several senior officials and leaders from the institution.
At the beginning of the meeting, Abdallah expressed his appreciation for the fruitful cooperation between the Central Bank of Egypt and the AFI, highlighting the valuable exchange of best practices in financial inclusion. He also underscored the importance of this partnership in sharing knowledge and scientific expertise with central banks and regulatory authorities across AFI member countries.
A Vision for Economic Empowerment
Abdallah outlined the Central Bank’s ongoing efforts to promote financial inclusion, in alignment with Egypt’s national vision for economic empowerment. He emphasized the collaborative work between the Central Bank, the banking sector, and relevant ministries and authorities in creating a robust legislative and regulatory framework. This is part of Egypt’s strategy to empower all segments of society, particularly women, youth, individuals with disabilities, micro, small, and medium-sized enterprises (MSMEs), and entrepreneurs.
The Governor also highlighted the introduction of innovative incentive programs that have contributed to a significant increase in Egypt’s financial inclusion rate. According to Abdallah, Egypt’s financial inclusion rate is set to reach 74.8% by the end of 2024, a notable achievement that demonstrates the country’s commitment to fostering inclusive economic growth.
A Global Recognition of Egypt’s Financial Inclusion Model
In his response, Dr. Alfred Hannig praised Egypt’s groundbreaking work in financial inclusion and sustainable finance, describing it as a leading example for other nations to follow. He emphasized that the AFI, in collaboration with the Central Bank of Egypt, is working to share Egypt’s success story with other countries through organized visits to Egypt. These visits aim to allow other nations to learn from Egypt’s innovative approaches to financial inclusion and sustainable finance.
The Role of the Alliance for Financial Inclusion
Founded in 2009, the Alliance for Financial Inclusion is a global network dedicated to advancing financial inclusion across the world. The AFI currently counts over 90 financial institutions, central banks, and regulatory bodies from 83 countries as members. The organization plays a crucial role in developing tools and strategies for financial inclusion, sharing technical and practical expertise, and assisting countries in crafting and implementing effective economic policies and reforms.
The AFI’s collaboration with Egypt underscores the country’s pivotal role in shaping global financial inclusion practices and supporting sustainable economic development. The efforts of the Central Bank of Egypt, alongside its international partners, are setting the stage for a more inclusive global financial system.
