Dmitriy Shcherba, a Digital Content & PR Executive with Wallet Factory writes about Egypt as a case analysis for financial inclusion.
“Financial inclusion has a direct impact on poverty reduction, minimization of income disparities, and economic growth,” he writes.
Shcherba says the potential of Egypt as an emerging fintech hub is “quite enormous” yet, he says, “the current tendency shows there is still much room for further improvement.”
“Given the favorable situation for investors and finance software services providers to join the financial inclusion improvement initiatives, Egypt will likely become a fintech flagship of the entire MENA region in 2022 and beyond,” Shcherba postulates.
As an example of Egypt’s growing comfort level at both the government and consumer level in the space, he says “the recent launch of EasyCash, the first interoperable ePayment suite, was well-received by local consumers, and the finance mobile application has become the first to fully meet all the latest governmental standards for QR code-based digital payments and acceptance.”
He concludes by writing that “together with the all-out governmental support, financial inclusion will inevitably result in moving from poverty and inequality to countrywide economic growth [in Egypt].”
