A delegation from the Financial Inclusion team at the Banque Centrale de Mauritanie (BCM) recently traveled to Egypt for a knowledge exchange program. The visit, organized in collaboration with the Alliance for Financial Inclusion (AFI), focused on Egypt’s expertise in financial literacy and women’s economic empowerment.
Learning from Egypt’s Success in Financial Inclusion:
The delegation attended a program at the Central Bank of Egypt (CBE) on “The Implementation of Effective Financial Literacy Strategies.” The sessions showcased the elements that contributed to Egypt’s rising financial inclusion rate, which reached 71.5% as of June 2024. Key points included the role of policymakers and the importance of strategic partnerships with government entities. These partnerships are essential in implementing large-scale financial programs and fostering collaboration among stakeholders in the financial literacy space.
Focus on Women’s Economic Empowerment:
The visit highlighted Egypt’s efforts to integrate financial literacy into all financial inclusion projects. The delegation learned how Egypt prioritizes empowering women through initiatives like the Digital Village Savings and Loan Association (Tahweesha). This program is designed to provide women with the tools and resources to improve their economic standing.
Tailoring Financial Education for All Segments:
During the exchange, the Mauritanian delegation gained insights into developing financial education content suited to diverse groups. They also explored the CBE’s FinTech and Innovation Strategy, which supports digital financial literacy and helps cultivate talent in the FinTech sector. Furthermore, CBE’s consumer protection initiatives were discussed, particularly efforts to raise awareness about consumer rights.
Field Visits and Practical Insights:
The delegation participated in a field visit to the “Nilepreneurs” initiative, which provides support to entrepreneurs from ideation to launch. They also visited Business Development Services (BDS) Hubs, where the banking sector offers non-financial services and advisory support. At the Egyptian Banking Institute (EBI), they learned about the institute’s role in promoting financial literacy. Finlit Hub is a digital platform that delivers financial education content tailored to various audiences, including children, youth, adults, entrepreneurs, and financial service providers.
