Financial Inclusion in the MENA Region: A Case Study on Egypt
Journal Title: IOSR Journal of Economics and Finance (IOSR-JEF) - Year 2018, Vol 9, Issue 1
Abstract
As the world economy became integrated, a great attention has been given to financial inclusion, which became since then a trending topic not only for global financial institutions as the World Bank and the IMF, but also for governments and regulators. The World Bank has defined the concept “financial inclusion” as "enabling all individuals and businesses to have access to useful and affordable financial products and services that meet their needs in which to be delivered in a responsible and sustainable way". In addition to that, the Sustainable Development Goals (SDGs) have included financial inclusion as one of the goals that need to be maintained by 2030. On the other hand, as financial inclusion is gaining that level of attention worldwide, implementing it in the developing countries and more specifically in the Middle East and North Africa (MENA) region may be that challenging. This paper is interested in explaining the concept of “financial inclusion” and in studying the relationship between financial inclusion and economic development from one side, and financial inclusion and financial stability on the other side. The paper is also interested in studying the behavior of financial inclusion in the MENA region to clarify the main challenges and opportunities faced by the countries in the region. In addition, the paper is focusing on Egypt as one of the largest countries in the MENA region as a case study for measuring the level of individual accessibility and awareness of financial services. This is done through a survey conducted on a random sample of the people living in Cairo. Finally, the paper will suggest a road map; for the MENA region generally and for Egypt specifically; to achieve higher levels of financial inclusion and better awareness of the concept.
Authors and Affiliations
Mai Mostafa Awad, Nada Hamed Eid
Keywords
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- EP ID EP414460
- DOI 10.9790/5933-0901021125.
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