Bringing about financial inclusion will rest on the successful deployment of fintech, our friend CIB Chairman Hisham Ezz Al Arab reaffirmed. “We believe that the integration of current technology is the key to reach the young, unbanked population who comprise the vast majority of the gray economy,” he tells Global Finance Magazine in an interview. Tackling the gray economy is something the banking sector has recognized and it is fully aligned with the government on its financial inclusion goals, he added.

CIB is leading the way: As the largest private sector bank in Egypt, CIB is leading the way to developing digital solutions to the problem of the informal economy by investing in digital platforms, versus traditional channels, says Ezz Al Arab. “With 110% mobile penetration rate in Egypt, and only 10% of the population with access to financial services, CIB sees a huge growth opportunity in secure and cost-effective financial services delivered via mobile phone,” he added. This has led to the launch of many significant products such as the Smart Wallet, Internet Banking, CIB Mobile Banking App, among others.

Bankruptcy Act is another notch in the belt of economic reform: As for the wider economy, Ezz Al Arab ran through some of the major highlights of the economic reform program, including the EGP float, subsidy cuts and the implementation of the VAT. He reserved particular praise for the Bankruptcy Act. “The new law will remove many obstacles that used to dissuade investors, as it provides more simplified post-bankruptcy procedures, eliminates investors’ need to resort to court, and abolishes the threat of imprisonment in the case of bankruptcy.”

As for his views on where the best economic opportunities? While the good opportunities do span all sectors, the consumer goods, pharma and healthcare, and the real estate sectors are being driven by a rapidly growing population. “Egypt is an enormous market that needs infrastructure, energy, transportation and water-desalination projects and more,” he added.