New collaboration to support financial inclusion policymaking in Egypt
29 participants from 14 institutions will work together intensively for two months to identify and develop policy solutions in promotion of Egypt's National Financial Inclusion Strategy.
How the Central Bank of Egypt, UNCDF, and Tufts University are working together
The Central Bank of Egypt (CBE) in collaboration with the United Nations Capital Development Fund (UNCDF) Policy Accelerator and The Tufts University Fletcher School Leadership Program for Financial Inclusion (FLPFI), is hosting an eight-week online course starting in October 2021 to develop specific policy solutions on elements of Egypt's National Financial Inclusion Strategy.
The training brings together 29 participants from 14 institutions identified by the CBE as critical stakeholders to work through a collaborative methodological approach designed to increase buy-in for policy proposals and the likelihood of their implementation. Through this partnership, participants will also have access to real-time technical assistance and practical resources from UNCDF’s Policy Accelerator team.
“...we have seen different stakeholders coming together in order to come up with the most efficient policies that would enhance financial inclusion...”
“Our collaboration with FLPFI under the 8QM Program is one of the milestones to stakeholder’s policymaking methodology alignment,” states Ms. May Abul Naga, First Sub Governor, The Central Bank of Egypt. “Hosting the training for the first time in 2019 has shown a great success, we have seen different stakeholders coming together in order to come up with the most efficient policies that would enhance financial inclusion, which encouraged us to extend our collaboration. The Central Bank of Egypt values the program’s methodology, applying it on its own financial inclusion policy setting and also sharing it with relevant stakeholders for a more informed policy making process. We also value the contribution of the UNCDF, as a development partner, through its sponsorship of the 8QM Program delivery in Egypt, in support of the CBE Financial Literacy Efforts for Policy Makers and Stakeholders.”
The training centers on FLPFI’s Eight Question Method for Policy Development (8QM), an adaptive framework through which financial inclusion problems are explored and diagnosed, solutions are considered and chosen, stakeholders are identified and strategically engaged, and lessons can be learned about policy implementation and impact. To earn a certificate in this course, participants will complete an original market research project with potential clients, produce outputs related to the 8QM, and deliver a policy pitch.
“FLPFI is looking forward to collaborating again with the CBE and other key financial inclusion actors in Egypt, who will be working in inter-institutional teams to tackle real policy challenges,” shares Dr. Melita Sawyer, Associate Director, FLPFI. “The team-based online 8QM training is a model for policy development that we developed during the pandemic, and it has achieved exciting policy results. This training will additionally integrate technical assistance from the UNCDF. We look forward to applying the integrated training model to other contexts in the near future.”
A model for providing intensive support to governments
This partnership marks the first of three trainings to be delivered by FLPFI and supported by UNCDF.
The goal of these trainings is to provide intensive support to governments at key junctures as they develop policies and regulations that help to achieve their national financial inclusion objectives. Policy specialists from the UNCDF Policy Accelerator will be available during and after the training to provide additional technical assistance and support to governments.
“With digital finance set to become increasingly complex over time, one of the most critical factors in preventing this complexity from becoming a barrier to inclusive growth is delivering the right policies and regulations,” adds Ahmed Dermish, Lead Policy Specialist, UNCDF. “UNCDF is ready to do its part to help policymakers and regulators address these changes in markets by bridging the gap between knowledge and implementation. Our interdisciplinary team of specialists leverages UNCDF’s approach, experience and expertise enabling governments to nimbly deliver an enabling regulatory environment that can benefit everyone.”
To learn more about the CBE, please visit:
https://www.cbe.org.eg/en/pages/default.aspx
To learn more about how UNCDF collaborates with governments to create the conditions where digital financial services can benefit everyone, please visit: https://policyaccelerator.uncdf.org/
For more information on the FLPFI program and the 8QM methodology, please visit: sites.tufts.edu/flpfi
Authors
Carlo Guicherit
Alexis Ditkowsky