The Central Bank of Egypt Supports Women’s Empowerment to Expand their Businesses
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“FinTech Egypt” Launches "Women for Women in FinTech" Initiative
The Six-month Initiative Aims to Support Female Entrepreneurs to Capitalize on the Embedded Finance Programs
Within the
framework of the banking sector’s unwavering efforts to support and empower
women, “FinTech Egypt” – an initiative by the Central Bank of Egypt (CBE) –launched
the " Women for Women in FinTech" initiative, with the aim of providing
innovative FinTech solutions to support women entrepreneurs across various
sectors in expanding their businesses.
The initiative
which commenced in March, 2024, and is planned to resume for six months, provides
women entrepreneurs with intensive training sessions and workshops in different
fields, to highlight the significance of FinTech, as well as directing entrepreneurs
to adopt innovative FinTech solutions in their businesses. Notably, ‘Women for
Women in FinTech’ is under the umbrella of “Accelerate'ha" initiative, inaugurated
by the CBE in 2021 to accelerate the pace of developing innovative FinTech solutions that
meet the needs of women entrepreneurs.
Mr. Rami Aboulnaga
– Deputy Governor of the Central Bank of Egypt - stated that, “This initiative comes
within the framework of CBE’s FinTech strategy, and contributes to the efforts that
aim to localize FinTech applications, through supporting the unique potentials
and talents of entrepreneurs, and specifically female entrepreneurs. The
initiative also aims to equip women with the skills to use FinTech applications
and achieve the right matchmaking between startups and banks via the “Embedded
Finance” solutions to increase the long-term growth and success opportunities
for startups, especially in light of the continuous development of the digital
economy, and the subsequent increased reliance on FinTech innovations”.
In the same context,
women entrepreneurs will acquire the necessary guidance and skills to implement
the "Embedded Finance” solutions, which will greatly assist
in business development and enable enterprises to apply and capitalize on the embedding
payment and embedded lending solutions.
Twelve startups
were selected to participate in the initiative, and deliver presentations for
their new business proposals and visions regarding how to benefit from the embedded
lending and payment programs. The selected entrepreneurs showcased their businesses’
domains to distinguished and experienced women leaders from the CBE, the
banking sector, as well as FinTech and FinTech enabled startups.
Subsequent to evaluating
the presentations, the presenters will receive guidance from top women leaders
within the FinTech sector from the financial and banking industry, to assist
the outstanding female entrepreneurs in expanding their businesses in the
Egyptian market, as well as availing matchmaking opportunities to enable collaborations
with participating banks for receiving full support.
The program
comes within the framework of the CBE’s proactive role in supporting and fostering
startups, especially the women-led, with the aim to achieve economic and social
empowerment for Egyptian women, in addition to encouraging female entrepreneurs
to apply innovative FinTech solutions and develop their businesses.
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