From June 23rd to 25th, 2024, in Cairo, Egypt CBC hosted the impactful workshop, “Digitalization Toolkits for Greater Financial Inclusion.” This event received an enthusiastic reception from the local business community, underscoring the critical need for advancing digital financial services in the region. The workshop was graced with inspiring opening remarks from Dr. Sherif El Gabaly, our esteemed Vice President, and Dr. Amany Asfour, President of the Africa Business Council, setting a motivational tone for the proceedings.

The Importance of Financial Inclusion for SMEs in Egypt

Did you know that in Egypt, Small and Medium Enterprises (SMEs) contribute a staggering 43% to the country’s GDP and account for over 75% of employment? Despite the growth in digital payments, cash transactions still dominate, accounting for more than 90% of financial transactions, according to a 2021 report by the Central Bank of Egypt. These statistics highlight the pressing need for financial inclusion for SMEs, which is crucial for:

• Driving Regional Economic Prosperity: Enhanced financial inclusion can significantly boost economic activities and prosperity in the region.
• Creating Job Opportunities: SMEs are pivotal in job creation, and better financial access can amplify their capacity to employ more individuals.
• Enhancing Fiscal and Monetary Policy Effectiveness: A more inclusive financial system can improve the implementation and effectiveness of fiscal and monetary policies.
• Contributing to Financial Stability: Increased financial inclusion fosters a more stable financial environment, reducing economic volatility.

Workshop Highlights

Over the two days, participants delved into a variety of exciting topics:

• Opportunities within the AfCFTA for SMEs: Exploring how SMEs can benefit from the African Continental Free Trade Area (AfCFTA) and participate more actively in intra-African trade.
• Market Access Tools: Learning about tools and strategies to help SMEs access new markets and expand their reach.
• COMESA Digital Retail Payments Platform: Understanding the potential of the COMESA Digital Retail Payments Platform to enhance SME participation in cross-border trade.

Empowering Women Entrepreneurs

The workshop was a testament to the power of training and empowerment. We had the privilege of training passionate small business owners, many of whom are women entrepreneurs, in digital and financial literacy. This training is aimed at unlocking new growth opportunities and ensuring success in COMESA’s burgeoning digital economy.

Collaborative Efforts and Future Plans

A highlight of the week was our courtesy call to the Federation of Egyptian Industries, a valued member and National Focal Point. During our visit, we discussed several exciting upcoming activities, including a horticulture trade mission to the Netherlands. This mission will leverage our combined expertise and collaborative networks, and we are thrilled to join forces in bringing these visions to life.

Continuing the Journey Towards an Inclusive Digital Economy

As we continue to drive innovation, foster growth, and build a more inclusive digital economy, workshops like “Digitalization Toolkits for Greater Financial Inclusion” are crucial. They not only provide essential knowledge and tools but also create a collaborative environment where ideas and best practices can be shared. We look forward to more such initiatives that will help shape a financially inclusive future for all.