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The Central Bank of Egypt Supports Women’s Empowerment to Expand their Businesses

4 April 2024
The Central Bank of Egypt Supports Women’s Empowerment to Expand their Businesses

“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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