Many people wonder about the concept of financial inclusion Gains and its importance in society, in conjunction with the keenness of banks to establish dedicated departments interested in this idea to improve the financial coverage in Egypt, providing all the information related to the concept and the multiplicity of benefits to citizens.
The concept of financial inclusion
Is a quest to make financial services accessible to all individuals and companies regardless of net worth and size. Financial integration aims to address solutions that prevent people from participating in the financial sector and finding solutions to them.
How coverage works
The financial sector is constantly pursuing new and smooth ways to deliver services to the world’s population. The increased use of technology in the financial industry (Fintech) has filled the vacuum of access to financial services created by the emergence of a fintech means for all entities to access all financial instruments and services at reasonable costs.
Financial inclusion gains can reach the poorest and most vulnerable groups in society from getting out of poverty and reducing inequality in society.
Financial inclusion not only helps individuals and families, it works together to develop entire communities and can help drive economic growth.
Empowering people and communities empowering people to own the ability and tools to manage and save their money enable people with the skills and knowledge to make the right financial decisions.
Improve types of individual benefits including: The ability to start and grow a business which gives people an opportunity through microfinance plans for example to better prospects in the long run.
Empowering men, women and entire communities This in turn reinforces investment within the community Job opportunities Research shows once again that employment reinforces the situation, income and expectations of life combined This helps stimulate economies and equality within society
Pillars achieve financial inclusion
Support financial infrastructure in financial institutions such as developing payment methods, and provide comprehensive databases with geographical spread of branches serving customers in all geographic regions.
Providing financial protection to the consumer, in order to protect the rights of citizens.
Raising awareness and educating about the importance and role of financial inclusion in the society, and motivating large and small entrepreneurs to contribute using government banks to develop their projects.
How to achieve financial inclusion
Providing financial and banking companies with appropriate financial services with user protection, fair and transparent treatment of customers and financial services and products at an affordable cost.
Provide the user with all the necessary information in all stages of dealing with financial service providers, and provide advisory services if the customer needs it, and attention to customer complaints and deal with them carefully.
To raise awareness of financial education and awareness by financial and banking institutions in cooperation with the official bodies, so that targeted groups lacking high financial awareness, such as SMEs, youth and women, will help them make sound decisions.
Financial inclusion may be the biggest obstacle to the global path to prosperity. Access to financial services, savings, investment, and risk hedging is important for everyone, not just the commitment of governments to help achieve it, and the involvement of every entrepreneur who wants to make lasting change is important. Helping to improve financial integration is a great combination of using the latest technology and social commitment to create a thriving world.