Ahmed Shawky: Gold Companies Have Many Alternatives to Achieve Financial Inclusion

Dr. Ahmed Shawky, a banking expert and member of the advisory board of the Egypt Center for Economic Studies, said that a gold retailer faces some challenges in securing the collection and securing of funds, while the approach to financial inclusion is an ideal solution to meet this challenge.

During the Egyptian Jewelers’ Forum, Dr. Shawky stressed the importance of converting all parties of the system to the use of electronic payment methods, and the provision of an electronic portfolios to achieve financial inclusion and digital transformation.

He pointed out the ease of creating an electronic portfolio for retail companies to collect amounts and transfer them from the consumer and wholesaler, saying: "E-wallets do not require the presence of a bank account."

He explained that there are many alternatives for companies for transfers and collections, saying: "Digital transformation is inevitably coming, and companies operating in the sector must go to it so that they do not suffer from future challenges in providing electronic payment methods."

For his part, Said Imbabi, CEO of the "E-Sagha" platform, said that companies operating in gold have a desire for digital transformation and financial inclusion, but the high commission for transfers is one of the most important obstacles facing gold traders in this regard.

Imbabi added that the commission is calculated on the entire amount, while the merchant receives only the workmanship, from which the commission percentage is finally extracted, which reduces the profit margin of gold traders.

Translated by Ahmed Moamar