CBE, Higher Education Discuss Achieving Financial Inclusion among University Students

Mohamed Ayman Ashour, Deputy Minister of Higher Education and Scientific Research for University Affairs held a meeting between officials of the Ministry and officials of the Central Bank of Egypt (CBE) to discuss mechanisms for achieving financial inclusion among university students through digital transformation tools in their daily activities.

The report stated that the meeting discussed ways to target youth at various university levels to develop and instill a culture of financial inclusion and to provide financial products that suit their needs and facilitate their financial transactions during the university period, especially those related to university e-payments, including saving, investment, money management and entrepreneurship.

The report pointed to the possibility of opening bank accounts for university students, enabling them to carry out their financial transactions with the university or others, through e-payment tools, as well as ways to prepare the infrastructure in universities with channels for accepting e-payments, which contributes to enabling students on campus to carry out their cashless financial transactions.

The meeting included a discussion of the importance of studying the consumer behavior of financial tools that will be provided to university students through alternative credit studies, allowing the provision of credit products that are suitable for them after graduation, and in a way that helps them provide funding to implement their own ideas and projects and in their working lives.

It is worth noting that the meeting comes within the framework of the state’s directions towards achieving all the elements of financial inclusion and the transition to a society less dependent on banknotes, stimulating the use of electronic means of payment, and activating the law regulating the use of non-cash payment methods and its executive regulations.