The Arab Financial Inclusion Week

Financial inclusion is that every individual or institution in the community finds financial products to meet their needs.

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Financial Inclusion

is that every individual or institution in the community finds financial products to meet their needs, such as:

  • Savings accounts
  • Current accounts
  • Payment and transfer services
  • Insurance
  • Finance and credit
  • Other financial products and services

These products must be offered through formal channels such as banks, post offices, NGOs, and others. Additionally, their prices must be affordable and they must be easily attainable to all, as well as taking into account the protection of consumer rights.

This ensures that all segments of society have adequate opportunities to manage their money and savings in a safe and secure manner. This helps the majority from resorting to unofficial methods that are not subject to any supervision, which can put them at risk of fraud or excessive fees.

ALEX BANK offer is valid from 27/04/2017 to 04/05/2017

Waiver of account opening fees for New to Bank (NTB)

  • Waiver of operating fees for the Micro Depositor accounts for one year.
  • Waiver of Micro-Loans Admin fees.
  • Issuance of pre-paid cards with no issuance fees.
  • Salary transfers with no fees.
  • Remittances.
  • 50% off of remittance commissions.
  • Free account (El Masry Account).
  • Waiver of Account operating fees.

Financial inclusion

Financial inclusion is a major cause for the country’s economic growth and financial stability.

The country’s economic state will never improve as long as a large percentage of individuals and institutions are financially excluded from the formal financial sector. Also, financial inclusion ensures that financial institutions develop their products and compete to offer cheaper products that are easier to attain and meet the needs of customers.

Financial inclusion cares about many segments of society, particularly marginalized segments or those who cannot find financial products to meet their needs, such as marginalized or low-income people, especially women, SMEs, children, youth, and others. Financial inclusion ensures that all these segments can find financial products to meet their needs, which helps improve their standard of living and accordingly reduces poverty levels and achieves economic growth for individuals and the country.

For any country to achieve financial inclusion, a study must be conducted to know if existing financial services are appropriate or not and what consumers want from various financial services. This is the first step for the country to determine goals to improve financial inclusion, which will require the cooperation of many entities in the country

Consumer protection is very important in this case to increase people’s trust in the banking and financial sector through:

  • Receiving fair and transparent treatment, as well as attaining services and products easily and at a reasonable cost.
  • Providing customers with all the necessary information at every stage when dealing with financial service providers.
  • Offering consulting services if customers need it.
  • Paying attention to customer complaints and handling them impartially.

It is also important to develop new financial services and products based on savings, insurance, and repayment methods not just on lending and financing to meet the needs of all segments.

The country must also focus on financial literacy and awareness. This will only be possible through cooperation with government entities to reach and benefit the target groups who need to increase their financial awareness, such as SMEs, youth, and women to help them make informed and sound decisions.