Regulatory Alerts2020-03-05
Circular dated March 5, 2020 regarding establishing a financial inclusion department in banks
The letter is sent by the Egyptian Central Bank Governor to a representative of the Central Bank of another country, possibly a request for technical assistance or collaboration. The governor outlines Egypt's National Financial Inclusion Strategy (NFIS) and emphasizes the need for collaboration between their respective banks in promoting financial inclusion and achieving sustainable development. The letter lists 8 points for potential cooperation: 1. Share experiences and best practices in promoting financial inclusion and digital payments. 2. Strengthen the Central Bank of Egypt's (CBE) technical capacity to design, develop, and implement retail payment systems. 3. Develop a comprehensive national strategy to promote digital payments using emerging technologies. 4. Establish partnerships with relevant stakeholders in order to enhance financial inclusion. 5. Regularly monitor and evaluate the implementation of various financial inclusion initiatives within Egypt's banking system. 6. Assess the performance of employees at all levels and ensure that they receive adequate training. 7. Contribute to sustainable development through various means, such as promoting financial literacy, facilitating access to finance for small and medium-sized enterprises (SMEs), and encouraging the use of electronic payment systems. 8. Collaborate in preparing periodic reports on the progress and impact of Egypt's National Financial Inclusion Strategy. The letter also requests the recipient's organization to design a comprehensive financial inclusion strategy for their bank by May 2020, emphasizing the importance of coordination among various stakeholders and setting a deadline of one month. The governor ends the letter by asking for their high-level endorsement.