Cairo: Egypt's Rural and Environmental Industries Support Fund (REIS), a division of the Ministry of Social Solidarity, has entered into a cooperation protocol with Banque Misr to digitize financial transactions for beneficiaries of the fund. This initiative is geared towards enhancing economic empowerment and promoting financial inclusion in rural areas.

According to State Information Service Egypt, the agreement aims to provide low-income families and recipients of the Takaful and Karama cash-transfer program with the means to manage their savings, investments, and incomes through digital platforms. By doing so, it seeks to improve access to financing, encourage entrepreneurship, and offer advanced financial inclusion products specifically designed for rural communities.

As part of the agreement, REIS and Banque Misr will work together to facilitate access to banking services, offer training in entrepreneurship and financial literacy, and advance competitive digital banking solutions such as mobile wallets and prepaid cards. Social Solidarity Minister Maya Morsy highlighted that the protocol aligns with the government's poverty-alleviation strategy, emphasizing that the Takaful and Karama program has supported 7.7 million families over the past decade, with 3 million families having exited the program.

Banque Misr CEO Hisham Okasha described the protocol as a significant advancement towards inclusive development, stating that it leverages technology to broaden access to efficient and affordable financial services for vulnerable populations.