What is Financial Inclusion? (High School Edition)

You can’t sit with us.

I’m sure we’ve all at some point or another either witnessed or faced that dreaded, socially mortifying “no”. Who wouldn’t hate getting excluded from the cool clique? It’s human instinct to want to feel part of the tribe so it’s disheartening not to be invited to a birthday party or an end-of-semester trip. Even as adults, a snub from a colleague can transport us back to that moment of feeling left out, and not good enough to fit in. Strangely enough, the same social dynamics can be applied to finance as well. The concept is certainly much more complicated. Yet, to simplify the idea, we will embrace our inner child and go with the high school lingo in this piece.

Let’s imagine that “Finance” is the cool kid. Everyone wants to befriend him. And yes, he is a guy. “Finance” has a very exclusive circle of businessmen, billionaires, and stock market savvy. Yet, he has one close friend, called “Financial Inclusion.” The latter is a considerate person that believes in an egalitarian society. She is kind to everyone, regardless of their background. We all aspire to be her, even Egypt. Huh? Yup, you heard it right. The country’s 2030 vision is to reach “Financial Inclusion.”

Now, let’s break down “Financial Inclusion” in business terms. Just like a kind friend, the concept aims to include EVERYONE in “the clique.” It means all individuals and businesses, regardless of their savings or/and income, should have equal access to financial products and services. In other words, finance options should be available to all, whether that’s creating saving accounts, getting credit cards, taking out loans, etc.

Now, let’s talk numbers. According to the Ministry of Communications and Information Technology (MCIT), only 15 million Egyptians out of 100 million are bank customers. Moreover, according to the American Chamber of Commerce in Egypt (AmCham), less than 40 percent of Egyptians use the banking system. Hence, it is extremely crucial to reach Financial Inclusion for economic growth.

nexta: Banking for Everyone

What’s Nexta’s place in “the clique”? The answer is simple. We aim to provide a tailor-made banking experience that caters to all, including the underbanked and the unbanked. And yes, there’s a difference between the two. The unbanked are the portion of society who don’t use any banking services, and the underbanked are those who do use bank accounts but only to get their salary and the like, without getting any benefits or rewards. Nexta is changing the game and sending an open invitation to everyone.

We aim to include everybody under the banking umbrella and invite everyone to the party. Join the wave, you’re more than welcome.

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