The Minister of Youth “and the Chairman of the Financial Supervisory Authority” announce the launch of the activities of the first national strategy for non-banking financial education
Dr. Ashraf Sobhy, Minister of Youth and Sports, and Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, inaugurated the activities of the first training program to qualify certified trainers capable of carrying out financial awareness, which includes a large group of young people with communication skills and competencies, and they will be relied on to spread awareness and non-bank financial culture In their social and sports environment, from the headquarters of the “Financial Knowledge and Culture Complex” in the Smart Village.
We announced the launch of financial education activities and the start of activating the initiative of President Abdel Fattah El-Sisi, President of the Republic, to “raise the levels of financial culture and build skills” The art of managing money” for students and youth, and introducing them to non-banking financial activities, which have become diverse and numerous.
For his part, Dr. Ashraf Sobhi, Minister of Youth and Sports, confirmed that the objectives of the cooperation protocol signed with the Financial Supervisory Authority Last month, to spread culture and awareness of non-bank financial activities among young people who go to sports clubs and youth centers, it represents a framework for joint action with the Financial Supervision to activate the national strategy for a non-bank financial culture. It comes within the objectives of the Ministry of Youth and Sports to improve the quality of life of Egyptian youth, and develop their skills and capabilities, including basic financial skills that help them make sound financial decisions that contribute to raising youth awareness of their rights as dealers in non-banking financial activities that they need.
The Minister of Youth and Sports said: “The national strategy for awareness and non-banking financial culture helps young people achieve financial discipline and sound personal planning for a better future for them. It also provides them with methods of dealing with financial crises, and how to use non-bank financial tools, and then achieve financial independence. and protecting young people from fraud and financial fraud through awareness programs.”
While Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority, explained to the attendees of the authority’s leaders, and the Ministry of Youth and Sports that the definition of non-banking financial activities that have become Diverse and numerous, and it is no longer limited to investing in capital market activities, but rather includes insurance activities, private insurance funds, real estate financing, financial leasing, factoring, and financing Microfinance, in addition to consumer finance activity, has many benefits for the financial and economic system, foremost of which is the increase in national saving rates, which is positively reflected on investment and employment rates, activating the degree of competition and innovation, improving product quality, and more accurate identification and coverage of risks, thus achieving higher levels of discipline. and market stability, while overcoming “pro-cyclical” lending.
He added that many countries have adopted a national strategy for non-banking financial culture, after realizing the importance of spreading financial culture and awareness for all groups of people, starting with The primary stage up to the elderly and marginalized groups of education, and the benefits that will accrue to society from non-bank financial literacy in expanding the base of financial inclusion and its role in reducing poverty, and a greater understanding of government financial policies on the part of community members.
And drew Dr. Omran said that the rates of financial culture in Egypt have reached 2003%, according to the report of the “Standard & Poor’s” institution on the levels of financial culture around the world, issued in
The Minister of Youth also toured the “Knowledge Pool for Non-Banking Financial Culture” and expressed his admiration for the FSA’s ambitious initiative to establish a knowledge complex aimed at spreading financial culture within the non-banking financial sector. Enhancing economic growth’s reliance on creative human energies and high technical skills more than on material assets to jump towards the aspirations of Egypt’s vision 2030 through coordinating and harmonizing the services provided by the entities affiliated with the knowledge complex in one place – the Institute of Services Finance, the Egyptian Center of Directors, the Egyptian Center for Voluntary Arbitration and the Settlement of Non-Banking Financial Disputes, and the Regional Center for Sustainable Finance. and economic performance as a whole. With regard to individuals, financial literacy has many benefits such as increased savings and proper retirement planning, more realistic assessments by consumers, the development of life skills and the ability to negotiate, increased financial efficiency through the active management of personal debt, and thus financial well-being, as well as Activity in the financial markets leading to increased investment efficiency, confident selection of appropriate financial products, increased awareness of consumer rights and greater awareness of regulatory and supervisory intervention procedures. Economic and Development (OECD) launched in 2003 a global project aimed at providing ways to improve financial literacy through the development of common principles of financial literacy, the organization also launched in March 2008 The International Network for Financial Education (INFE) to serve as a center for exchanging information and financial education programs around the world.
Ramadan noted that the same methodology and principles developed by the (OECD) were used. ) in preparing and designing the national strategy for financial culture, an indicator It also took the necessary measures for the authority to join the network to benefit from the exchange of information in developing the national strategy for financial education. -2027” includes focusing on building and strengthening the infrastructure for financial culture through developing and supporting non-bank financial education, national awareness campaigns, expanding and facilitating access to information related to non-bank financial culture, and ensuring the sustainability of Non-bank financial culture programs.
The second axis focuses on developing non-banking financial services and products by encouraging non-banking financial institutions to develop financial products and services that meet the needs of society, and improve the quality of These products and services, and expanding their geographical presence, while the third axis focuses on the financial education strategy to improve awareness, skills, and knowledge of non-bank financial services and products, change the financial thinking and behavior of individuals, and increase the number of beneficiaries of non-bank financial services and products. Banking.