Egypt’s plans to put digitalization at the heart of its efforts to drive post-pandemic growth in the financial services sector and boost inclusion are explored in a new Covid Response Report (CRR), produced by Oxford Business Group (OBG) in partnership with the Financial Regulatory Authority (FRA).
The report provides an in-depth analysis of Egypt’s Covid Response Report (CRR) to the pandemic in an easy-to-navigate and accessible format, focusing on key data and infographics relating to its socio-economic landscape.
The report shines a spotlight on Egypt’s fintech segment, which has expanded to become a regional leader and is poised to play a pivotal role in increasing banking penetration rates and supporting a broader bid to formalize more of the economy.
Here, there is coverage of the efforts underway from both the private and public sectors to encourage e-commerce growth and accelerate the transition to digital payments, building on higher, pandemic-induced demand from citizens for remote transactions amidst a desire to avoid handling cash.
Egypt’s vibrant start-up scene, which showed marked resilience throughout the pandemic by attracting investors for initiatives across the sectors of the economy, is another focus.
In addition, the CRR examines the key part that reforms implemented before the pandemic played in strengthening Egypt’s non-bank financial institutions, enabling lenders to support businesses during the crisis.
Subscribers will find an in-depth analysis in the report of the latest developments across the key components of the financial services sector, including the banking, insurance, capital markets, microfinance, venture capital, and Islamic finance segments.
The report also features case studies and interviews with high-level sectoral representatives from the public and private sectors, including Mohammed Omran, Chairman, FRA, who shares his thoughts on a range of topical issues, including how Covid-19 changed the actions and priorities of the financial sector.
“The pandemic has definitely propelled a growing number of companies to adopt digitalization proactively,” he said. “Going forwards, sustainable finance products and services will become increasingly important. Consequently, we have adopted a strategy concentrated on building engagement and awareness, enabling voluntary action and implementing resilient regulations.”
Harry van Schaick, OBG’s Regional Manager for Africa, said the IMF-backed fiscal and economic reforms implemented by the government had paved the way for Egypt to initiate an effective response to the pandemic financial institutions well placed to contribute to the national effort.
“Egypt navigated the challenges of Covid-19 while still maintaining positive economic growth – a feat that few other markets were able to achieve,” he said. “A strong regulatory framework and ample liquidity meant lenders were able to play a key supporting role. Looking ahead, we expect the scope for financing to increase in the recovery phase, buoyed by a deepening of the capital capital markets and diverse activity on the stock exchange.”
The CRR on Egypt forms part of a series of tailored reports which the global research and advisory company is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Growth and Recovery Outlook articles and interviews.
About Oxford Business Group
Oxford Business Group (OBG) is a global research and advisory company with over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognized internationally as a distinctive and respected provider of on-the-ground intelligence on the world’s fastest-growing markets, termed The Yellow Slice, about OBG’s corporate color.
Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers a comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions.
OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv’s (previously Thomson Reuters) Eikon subscribers, and more.