الهيئة العامة للرقابة المالية

• Launching training initiatives to empower youth as agency members to oversee and assess the effective use of MSME finance, covering all relevant aspects
• Awarding certificates to graduates of the fifth batch of the certified financial trainer program to spread financial literacy
• Rolling out the updated I invest platform across social media to boost financial literacy

Dr. Mohamed Farid – FRA Chairman:

• Fostering financial literacy at the local level empowers individuals and businesses to achieve sustainable development.
• Our partnership with the Ministry of Youth and Sports aims to equip young people with the skills to explore non-bank financial services and drive economic growth

Dr. Ashraf Sobhy – Minister of Youth and Sports:

• Launching the first financial club for non-bank financial literacy and awareness in youth centers across Egypt.
• Financial literacy is a cornerstone of comprehensive and sustainable development.
• Building a strong economy that relies on a broad base of young entrepreneurs and investors requires providing a stimulating financial environment and educating young people about the importance of saving and investing

Dr. Mohamed Abd Elaziz – Assistant to FRA Chairman

• FRA moves to the second phase of empowering youth to monitor the optimal use of MSME finance

FRA has signed a cooperation protocol with the Ministry of Youth and Sports. This protocol aims to monitor the optimal utilization of funds provided to micro, small, and medium-sized enterprises (MSMEs). The signing ceremony also witnessed the launch of the first non-bank financial literacy and awareness club in youth centers and youth development centers. Furthermore, FRA introduced new platform under the name “I invest” as part of its initiative to promote financial literacy and awareness among all segments of society, enabling them to benefit from non-bank financial services to meet their future aspirations.

This collaboration comes within the framework of the joint efforts of FRA and the Ministry of Youth and Sports to foster comprehensive development, support youth entrepreneurship, and raise awareness about the diverse and innovative financing solutions offered by the non-bank financial sector to MSMEs.

The protocol seeks to enhance cooperation and implement training programs for youth affiliated with the Ministry of Youth and Sports and FRA. These programs aim to empower young people to monitor the optimal utilization of MSME finance. Furthermore, the protocol aims to enhance transparency, accountability, and quality within this vital sector by providing practical training and guidance to young people. This includes teaching them financial evaluation and auditing methods, financial performance analysis, risk assessment, and best practices in managing micro, small, and medium-sized enterprises (MSMEs).

To achieve this, FRA has developed a program to qualify young individuals to monitor the optimal utilization of funding for MSMEs. FRA has also formed teams to conduct field audits and verify the sustainability of microfinance projects. This specialized program focuses on covering the technical aspects that field audit team members must be familiar with, as well as the skills required to confidently and effectively ensure the sustainability of projects funded by microfinance institutions licensed by FRA.

Dr. Mohamed Farid, FRA Chairman, stated that the Authority aims to localize and disseminate financial literacy through the centers and clubs of the Ministry of Youth and Sports, which are spread across the Arab Republic of Egypt. He emphasized the importance of educating young people about non-bank financial services, explaining that this contributes to community development, financial inclusion, and ultimately, real growth in the national economy.

He emphasized that this will contribute to achieving comprehensive development in Egypt’s governorates and support people in financial planning to meet their investment, insurance, and financing needs, thereby transforming their lives.

He added that the coming period will witness the study and implementation of simulation models for all non-bank financial activities between the Authority and the Ministry, targeting all age groups. This is to reinforce the principles of financial planning, saving, and investing, and to equip individuals with the necessary knowledge and skills to make informed financial decisions and achieve long-term financial goals. This also increases the likelihood of employing young people trained through these programs.

He highlighted the importance of the current cooperation between FRA and the Ministry of Youth and Sports, as the knowledge acquired by young people has transformed from personal benefit to a benefit for society as a whole. They can now actively participate in market regulation through the Authority.

During his speech, the Minister of Youth and Sports affirmed that this protocol aligns with the efforts of both the Ministry of Youth and Sports and FRA to promote comprehensive development, support youth entrepreneurship, and raise awareness about micro, small, and medium-sized enterprises (MSMEs). He noted that this protocol represents a qualitative step towards empowering Egyptian youth, enabling them to invest in their talents and creativity, and transforming their ideas into real projects that contribute to the development of society.

Dr. Ashraf Sobhy highlighted the importance of this collaboration between FRA, responsible for regulating non-bank financial markets, and the Ministry of Youth and Sports, dedicated to youth development. This partnership aims to create a more prosperous future for Egypt’s youth by equipping them with the financial knowledge and skills they need to succeed. This protocol is the culmination of a series of efforts made by the Egyptian state under the leadership of President Abdel Fattah El-Sisi to support youth and provide them with all the means for their success, in recognition of the importance of their role in building Egypt’s future.

The Minister of Youth added that the importance of educating young people about non-bank financial services lies in enhancing community development, promoting financial inclusion, and consequently strengthening the economy. It contributes to understanding and appreciating the importance of financial planning, saving, and investing, and equips individuals with the necessary knowledge and skills to make informed financial decisions and achieve their long-term financial goals. Furthermore, understanding non-bank financial services provides young people with new opportunities to create alternative sources of income, encourages creative thinking and innovation, and fosters the development of new financial solutions and innovative services to meet market needs and promote entrepreneurship. This, in turn, enhances trust, financial independence, and ultimately contributes to community development and economic balance.

He added, “The Ministry of Youth and Sports believes that investing in youth is investing in the future. For this reason, we place great emphasis on empowering young people, developing their capabilities, and helping them achieve their aspirations. Our goal is to prepare “leaders of change” who have the ability to make a difference in their local and extended communities. He emphasized that financial literacy is a fundamental pillar of comprehensive and sustainable development and building a strong economy that relies on a broad base of young entrepreneurs and investors. This requires providing a stimulating financial environment and educating young people about the importance of saving and investing.”

In conclusion, the Minister of Youth and Sports announced the launch of the first non-bank financial literacy and awareness club in Youth Centers and Youth Development Centers, marking a new direction within youth centers.

Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman said that the Authority’s plan to train and raise financial awareness among youth has included several phases since 2022. Now, it is moving to the second phase, where young people will be qualified to monitor the optimal use of funding provided for micro, small, and medium-sized enterprises.

He explained that the Authority’s efforts to disseminate financial literacy and awareness have resulted in a significant increase in the number of young people benefiting from its awareness programs and lectures, reaching 10,640 young individuals. This has led to the current collaboration, which will enable young people to conduct financial assessments, reviews, and performance analysis, as well as assess risks and learn best practices in managing micro, small, and medium-sized enterprises.

He added during his speech that the cooperation between the Authority and the Ministry of Youth and Sports represents a culmination of efforts to integrate government agencies to invest in the potential of young people and guide them towards the right path, which will positively impact the national economy and investment and savings rates.

On the sidelines of the ceremony, young people who successfully completed the fifth round of the Certified Financial Trainer courses were honored. These young individuals are now qualified to provide financial education and training in various governorates of Egypt.

Dr.  Manal Gamal, Head of the Central Administration for Youth Empowerment, Ministry of Youth stated that cooperation with FRA contributes to opening new horizons for developing and enhancing the capabilities of Egyptian youth, particularly in financial matters. This will enable them to make sound financial planning and investment and savings decisions, helping them achieve their goals. She noted that financial clubs that have been launched and will soon be activated are expected to include a large number of youth centers and clubs in an effort to accelerate the dissemination of financial literacy and awareness.