Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) announced the launch of the digital financial inclusion initiative for 2021.
The initiative is aimed at boosting the non-cash payment system, raising the percentage of financial inclusion, and integrating the informal economy into the formal sector through the use of non-banking digital payment solutions especially for micro-enterprises, the FRA said in a statement on Sunday.
This move is in line with the authority’s efforts to encourage micro-funding entities and their customers to comply with the law no 18 of 2019 concerning the use of non-cash means of payment within a period of six months starting from the date of issuing the executive regulations on 7 September 2020.
By the end of November 2002, total micro-funding reached EGP 18.2 billion directed to about 3.2 million beneficiaries, of which 63% are female entrepreneurs, the Chairman of FRA, Mohamed Omran, revealed.
