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ABK-Egypt Supports Central Bank of Egypt Initiative to Promote Financial Inclusion among youth

Egypt, September 2020: As part of the Bank’s commitment to foster financial inclusion amongst Egyptian youth, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) participated in Central Bank of Egypt’s Youth Day initiative. During the month-long initiative, during August 2020, Central Bank of Egypt (CBE) focused on promoting financial inclusion through providing easier and faster access to digital payment platforms as well as conventional banking products.
 
ABK-Egypt offered a selection of carefully curated products and services aimed at supporting youth in building a prosperous financial future. As part of this offer, ABK-Egypt offered account opening facilities free of charge, without opening account fees and without minimum balance requirement. The offer also included 10% Cash Back with no limit on online purchases when using the virtual credit cards (VCN) through ABK-Egypt’s Mobile Wallet. Customers were also able to earn 10% Cash Back with no ceiling on Mobile Phone Top-Ups through the electronic Wallet.

 ABK-Egypt’s Mobile Wallet has steadily grown in popularity, rising by 41% in August 2020 compared to August 2019. The significant increase in usage is attributed to the Bank’s ongoing efforts towards digitizing the banking sector, in addition to the changing lifestyle of customers and rapid growth in online retail shopping.

 ABK-Egypt believes in the importance of building financial literacy early in life, and in empowering young Egyptians with the essential knowledge needed to integrate banking services within their dynamic lifestyle.

 Strengthening financial inclusion in the country has been one of the key priorities for the Central Bank of Egypt in alignment with the national direction towards a less cash driven economy. As part of ABK-Egypt’s commitment to this initiative, Bank products are designed to offer financial independence to the youth segment and help them achieve better financial education and security, as they look forward to realizing a better future.