Egypt: Central bank conducts financial inclusion survey
Source: Middle East Insurance Review | Nov 2015
The Central Bank of Egypt (CBE) is conducting field survey and extensive studies in the country to identify reasons that hinder financial inclusion, including insurance purchases.
Ms Mai Abol Naga, head of the Supervisory Instructions Department at CBE, said at a recent financial inclusion conference that the survey is designed to measure the amount of knowledge among Egyptians of dealing with various financial institutions, such as insurance companies, banks and real estate financing companies, reported the Daily News Egypt newspaper. It also aims to identify the reasons for financial exclusion, as well as to propose a national strategy to extend financial inclusion to all segments of society, in addition to establishing rules to protect customers.
The results of the studies will determine the best method for achieving financial inclusion. Based on these results, the CBE can implement a national strategy to achieve financial inclusion, or specific projects that achieve more positive results in this regard.
Insurance penetration in Egypt stood at 0.7% in 2014, according to Swiss Re.