Egypt selected for World Bank Group’s Financial Inclusion Global Initiative: The World Bank Group tapped Egypt, China, and Mexico for its Financial Inclusion Global Initiative, which the institution has launched in partnership with the International Telecommunication Union , the Committee on Payments and Market Infrastructures, and the Bill & Melinda Gates Foundation, the WBG said in a statement. The three-year initiative will use “two complementary operational and knowledge work streams” to improve citizens’ access to financial services and also “advance research and develop policy recommendations in three key areas of digital finance: security of ICT infrastructure and trust in digital financial services; digital IDs for financial services; and acceptance and use of e-payments by micro and small-scale merchants and their customers.” During the three years, the WBG will provide the three countries with technical assistance on financial inclusion, particularly its legal and regulatory aspects.

The first of three annual symposia to discuss findings, results, and recommendations for the program will be held in India from 29 November to 1 December this year. WBG data suggests that Egypt alone can bring more than 44 mn adults into the formal financial sector through work on financial inclusion.