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Central Bank of Egypt hosted a delegation from the Banque Centrale de Mauritanie (BCM) for a knowledge exchange program . The program focused on financial literacy and women's economic empowerment .In a partnership backed by the Alliance for Financial Inclusion (AFI), the Central Bank of Egypt (CBE) hosted a delegation from the Banque Centrale de Mauritanie (BCM) for a knowledge exchange program centred on financial literacy and women’s economic empowerment, the CBE said in a statement published on Sunday. The world’s preeminent organisation for financial inclusion regulation and policy is AFI. Through the creation, application, and international promotion of inclusive and sustainable policies, it enables legislators to improve underprivileged communities’ access to high-quality financial services.
At the CBE’s headquarters, the group took part in a comprehensive peer learning session that covered “Implementing Effective Financial Literacy Strategies.” The program focused on Egypt’s financial literacy efforts, which, as of June 2024, had raised the nation’s financial inclusion rate to 71.5 percent. In order to improve financial inclusion and raise general financial understanding, the talks also underlined how crucial it is for legislators and important stakeholders to work together.
The Mauritanian delegates looked at how Egypt incorporates financial literacy initiatives into several facets of society, with a focus on women’s economic empowerment. In this regard, the CBE emphasised its project effort, the Digital Village Savings and Loan Association (Tahweesha), which is essential to women’s financial empowerment. Additionally, the delegation learnt how to create customised financial education materials for a range of social groups.
The Mauritanian delegation also learnt about the CBE’s consumer protection programs, digital financial literacy efforts, and FinTech strategy to increase awareness of financial rights. During their visits to important organisations, like as the Nilepreneurs program, they witnessed first how small firms and entrepreneurs are assisted from conception to launch.
During their visit of the Egyptian Banking Institute, students also learnt about financial literacy initiatives, such as the Finlit Hub, a digital portal that provides instructional materials on managing personal finances. In order to highlight Egypt’s efforts in sustainable financing and MSME support, as well as to strengthen cooperation in line with Egypt’s Vision 2030 and advance regional economic sustainability, the CBE also welcomed delegates from Zambia and Eswatini in November.
In related news, the CBE has agreed to join the Pan-African Payment and Settlement System (PAPSS), which was created by Afreximbank. This will promote intra-African trade, strengthen Egypt’s economic relations with African countries, ease the strain on foreign exchange reserves, and enable cross-border transactions in local currencies throughout Africa.
