In a strategic step toward deepening financial inclusion and fostering economic empowerment, Egypt’s Minister of Social Solidarity, Dr. Maya Morsy, presided over the signing of a major cooperation protocol between the Ministry’s Rural and Environmental Industries Support Fund and Banque Misr, one of Egypt’s largest and oldest banking institutions. The initiative aims to digitize financial transactions for beneficiaries of the Fund’s development financing programs, with a particular focus on underserved and economically vulnerable communities.
The agreement was signed by Engy El-Yamani, Executive Director of the Fund, and Hind Fahmy, Head of Financial Inclusion and Mortgage Finance at Banque Misr, during a ceremony attended by senior representatives from both institutions and the Central Bank of Egypt.
Empowering the Marginalized Through Digital Finance
The new protocol opens expansive avenues for digitizing the financial interactions of beneficiaries under the Ministry’s economic empowerment projects. Through this partnership, intensive training programs and tailored financial products will be rolled out to empower beneficiaries—particularly women and low-income families—enabling them to manage savings and investments more effectively.
The initiative includes customized financing solutions suited to the nature of micro- and small-scale enterprises across all Egyptian governorates. These services will be delivered with simplified procedures and include both conventional and digital financial tools. The protocol also outlines specialized training on financial literacy and entrepreneurship for recipients.
Driving Inclusive Growth and National Digital Transformation
“Today’s protocol represents a vital move to uplift families from poverty into sustainable livelihoods,” said Dr. Morsy. “The Fund is one of the ministry’s core vehicles for inclusive development, especially for families under the Takaful and Karama program.”
She further highlighted the growing impact of the national social protection scheme, Takaful and Karama, which has supported 7.7 million families over the past decade. Notably, 3 million families have since exited the program, a testament to its empowerment-based model. Currently, 4.7 million families continue to benefit.
Dr. Morsy also underscored the importance of the recently ratified Social Protection Law No. 12 of 2025, which institutionalizes cash support programs like Takaful and Karama as legal entitlements, thereby cementing the right to social protection within Egypt’s legislative framework.
Banking Innovation for Financial Equality
Hisham Okasha, CEO of Banque Misr, described the protocol as a “qualitative leap” in Egypt’s pursuit of financial inclusivity and digital transformation.
“This partnership reflects a shared vision between Banque Misr and the Ministry of Social Solidarity,” said Okasha. “By leveraging state-of-the-art banking technologies, we can provide efficient and accessible financial services to every segment of society, especially the most vulnerable.”
Banque Misr will provide a comprehensive suite of digital financial services, including current and savings accounts, prepaid cards, mobile wallets, and microloans. These services are tailored for Fund beneficiaries, including those who have secured funding based on their credit history. The bank will also support micro-enterprise clients in digitizing transactions with their customers using Banque Misr’s online banking platform.
A Coordinated Effort Toward Measurable Impact
The partnership aims to harmonize the roles of public institutions and financial service providers to deliver measurable improvements in the lives of rural entrepreneurs. The Fund will continue to provide financing through its network of licensed NGOs and private entities regulated by the Ministry and the Financial Regulatory Authority, ensuring transparency and effective targeting.
The signing ceremony was attended by key stakeholders, including Dr. Mohamed El Okby, Strategic Communications Advisor to the Minister; Hisham Mohamed, Director of the Minister’s Office; Rami Abbas, Public Relations Advisor; Legal Advisor Mohamed Alaa Abdel Moneim; and several senior executives from both the Fund and Banque Misr, along with representatives from the Central Bank of Egypt.
