In support of empowering women to expand their businesses, the Central Bank of Egypt’s (CBE) FinTech Egypt has launched its initiative “Women for Women in FinTech”.
The six-month initiative aims to support women entrepreneurs by providing innovative FinTech solutions that could help expand their businesses.
The initiative was launched in March 2024, and runs for six months. It provides intensive training sessions and workshops in various fields, highlighting the significance of FinTech, and guiding entrepreneurs in adopt ing innovative solutions in their businesses.
“Women for Women in FinTech” is under the umbrella of “Accelerate’ha” initiative, inaugurated by the CBE in 2021 to accelerate the pace of developing innovative FinTech solutions that meet the needs of women entrepreneurs.
Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, said that, “This initiative contributes to the strategic efforts that aim to localise FinTech applications, through supporting the unique potentials and talents of entrepreneurs, and specifically female entrepreneurs. The initiative also aims to equip women with the skills to use FinTech applications and achieve the right matchmaking between startups and banks via the “Embedded Finance” solutions to increase the long-term growth and success opportunities for startups, especially in light of the continuous development of digital economy, and the subsequent increased reliance on FinTech innovations”.
The initiative helps women entrepreneurs acquire the necessary guidance and skills to implement “Embedded Finance” solutions, which greatly assist in business development and enable enterprises to apply and capitalise on embedding payment and lending solutions.
Twelve startups were selected to participate in the initiative, and deliver presentations of their new business proposals and visions as regards benefitting from embedded lending and payment programmes.
Subsequent to evaluating the presentations, the presenters will receive guidance from top women leaders within the FinTech sector from the financial and banking industry, to assist in expanding their businesses in the Egyptian market, as well as availing matchmaking opportunities to enable collaborations with participating banks for receiving full support.
The programme comes within the framework of the CBE’s proactive role in supporting and fostering startups, especially the women-led, with the aim of achieving economic and social empowerment for Egyptian women.
Watani International
7 April 2024
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