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Financial Education

Overview:

The issue of financial literacy has progressively gained importance around the globe. Many countries have developed national financial education strategies to reduce or to prevent the adverse effects of low financial literacy levels and enhance people life skills.

Financial education or financial literacy relates to companies and to personal finance to enable enterprises and individuals to take informed decisions, deal with the financial complexities on a day to day basis and take effective actions to improve their situations and welfare and avoid distress in financial matters.

EBI and Financial Education:

The Egyptian Banking Institute (EBI) in its endeavor to participate and improve financial education in Egypt has recently became a new member in the International Network on Financial Education (INFE) established by the OECD in mid-2008. The Network is an initiative of the OECD's Financial Education Project, which was set up to describe, analyze and assess the effectiveness of programs to improve financial literacy.

EBI’s Financial Education Project (FEP):

Goal: the ultimate goal of the project is to promote and disseminate information regarding financial literacy in Egypt through providing familiarity with and understanding of banks and financial market products to various target groups, such as, Small and Medium size Enterprises (SMEs), school and university students in order to make informed choices.
Target Audiences:
1. SMEs
2. Schools and Universities Students

Geographical Coverage:

To achieve EBI’s regional expansion strategy, the project will not be executed only in Egypt but will extend to cover the whole MENA region.

Comparative Advantage:

EBI has a unique comparative advantage given its extensive experience in banking and financial training as a leading national and regional training and research center. EBI capitalize on being entirely affiliated to the Central Bank in Egypt to support the banking and financial sectors reform.
The project will help building relationships with different stakeholders in Egypt which should position EBI as a partner of choice in delivering financial education training, technical assistance and advisory services; hence raising EBI’s profile in Egypt.

Fit with EBI’s Strategy:

The proposed project fits and supports EBI’s regional and country strategy which is to:

  • Strengthen the banking and financial sectors in Egypt and the surrounding region
  • Educate and increase the public’s awareness with regard to banking activities and its benefits
  • Provide capacity building and enhance the ability of people to better use the financial services
  • Become the national and regional preferred provider of financial training.

Financial Education Road to Financial Inclusion:

Implementing the EBI Financial Education Project will improve financial literacy by enhancing the ability of people to better use the financial services which will as well increase the financial inclusion leading to financial and economic stability and country development.

Financial Inclusion:

It refers to making the finance or the financial/banking sector more accessible to people at affordable cost. It is the policy or strategy adopted by the country to transform and channel the informal sector into the formal sector through including more people in the financial set up of the country.

Financial Education:

By providing individuals with the skills and knowledge necessary to identify and address their own financial needs and know where to go for help, Financial Education represent one of the tools for Financial Inclusion.

Financial Inclusion versus Financial Education:

Financial Education and Financial literacy are prerequisite for effective Financial Inclusion.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Financial Inclusion and Financial Education/Literacy