12 September 2017

Egypt: Preparatory Meetings for Int'l Conf. On Financial Inclusion in Sharm El Sheikh

Preparatory meetings for the largest international conference on financial inclusion kicked off in Sharm el Sheikh on Tuesday.

The two-day conference is due to open on Thursday with the participation of more than 94 states and 119 international institutions.

The talks are expected to tacAkle means of amalgamating public and private sectors, diversity as a way for realizing financial inclusion, reducing poverty rates and upping gross domestic product.

The talks will tackle experiences of participating states in this regard.

The talks will also address regional mechanisms for reducing risks and means of benefiting from modern technology and digital financial services, especially in small and medium sized enterprises.

During the conference, Egypt will review its financial inclusion experience, especially with regard to micro, small and medium sized enterprises.

On the fringe of the conference, a regional initiative for promoting financial inclusion in Arab states will be inked.

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs - transactions, payments, savings, credit and insurance - delivered in a responsible and sustainable way.

The conference - sponsored by the presidency and the cabinet - is organized by the Central Bank of Egypt in tandem with the Alliance for Financial Inclusion (AFI).

The alliance organizes a financial inclusion conference annually. The first was held in Kenya in 2009. Similar gatherings were held in Indonesia, Mexico, South Africa, Malaysia, Mozambique and Fiji.

The Alliance for Financial Inclusion empowers policymakers to increase access to quality financial services for the poorest populations.

The AFI was founded on the idea that a global knowledge exchange platform was the key for expanding and improving financial inclusion policy. Over the years, the AFI network, with the support its funders and partners, has invested deeply in this platform, and data shows the model is delivering tangible results.

AFI is led by its members and partners, central banks and other financial regulatory institutions from developing countries. AFI's members serve to give voice to the opportunities and challenges facing the unbanked. The network includes members from more than 90 countries working together to accelerate the adoption of proven and innovative financial inclusion policy solutions with the ultimate aim of making financial services more accessible to the world's unbanked.

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