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IDB’s CSR strategy backs youths under financial inclusion
The Industrial Development Bank (IDB) plays a pioneering role in the field of the Corporate Social Responsibility (CSR), especially with regard to supporting youths – who are believed to be key partners in the development march.
As Egypt is moving ahead towards financial inclusion, the bank is taking a host of measures to gear up for financial inclusion for youths in line with directives of the Central Bank of Egypt (CBE) in the period from August 9 to 24.
The bank’s Board Chairman Maged Fahmi said he is delighted that the bank is taking part in this drive, stressing that youths are the bedrock for building the nation’s future.
Fahmi defined financial inclusion as providing financial products to each individual or institution in society in view of each one’s needs, referring to financial products as including:
- Savings accounts
- Current accounts
- Payment and transfer services
- Insurance
- Finance and credit
- And other various financial products
These services should be offered via the bodies in charge, including banks, postal authority, non-governmental organizations, etc.
This will guarantee that youths will have a good chance to manage their money and savings safely without resorting to non-official channels.
Fahmi said financial inclusion is the main factor behind the state’s economic growth and financial stability.
Fahmi said financial inclusion takes into consideration all social segments, including poor and low-income people, women, and owners of micro, small and medium sized entrepreneurs.
Taking care of these social strata leads to raising standards of living as well as economic growth.
Meanwhile, IDB Deputy Board Chairman Hamdi Azzam said the IDB is ready for opening accounts without fees or minimum limit from August 9 to 24 within the framework of financial inclusion for youths.
Azzam expounded means of realizing financial inclusion, noting that this starts with a study of available financial services, laying down state goals of financial inclusion, and spreading financial awareness about the importance of cooperation with governmental bodies, especially with regard to small and medium sized enterprises.
Naglaa Abdel Rehim, the director of the public relations and the bank’s representative in the CSR domain, said this is not the first time for the bank to take care of marginalized strata to merge into the banking sector.
The bank has announced on its official page opening accounts for free for handicapped people, women and families of martyrs, she said.
She added that the bank plays a pivotal role in disseminating awareness among those working in the bank about financial inclusion.
The bank has opened the door for any proposals to magnify the benefit of financial inclusion for youths.
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