Dr. Islam Azzam, Executive Chairman of The Egyptian Exchange (EGX), opens the trading session ringing the bell for financial literacy with collaboration of the World Federation of Exchanges (WFE) and participation of International Organization of Securities Commissions (IOSCO) and attendance of Mr. Mohamed Elsayyad, Vice Chairman of Financial Regulatory Authority (FRA) and Mr. Mohamed Sabri, Vice Chairman of EGX and Mr. Mohamed Abdelaziz, Assistant to the Chairman of FRA, as well as several leaders and representatives of Financial Institutions and Egyptian Universities on the occasion of World Investor Week (WIW).
Dr. Azzam speech highlighted commitment of The Egyptian Exchange to its vital role to promote financial literacy and investor awareness among various segments of society specially youth, believing that financial literacy is the fundamental principle for sustainable economy based on knowledge and empowerment of society.
He added that EGX adopted a clear strategy to enhance financial awareness through arranging training and educational programs across various governorates in collaboration with Ministry of Youth and sports, Egyptian universities, and Financial Regulatory Authority. These programs trained thousands of students and youth, enhancing basics of investment and saving. In addition to the large number of outstanding graduates from universities and institutes who attended educational programs as per the cooperation protocol between EGX and Cairo Commercial Syndicate.
Dr. Azzam confirmed that more than 1500 university students from different fields were trained to invest in the stock market, either through workshops held at the universities, or students visiting EGX premises. Besides educational sessions through internet attended by more than 1200 participants from visitors of social media platforms. Also special attention was given to school students, arranging workshops for more than 250 students of secondary schools using simple ways and innovative educational games to facilitate concepts of saving and investment.
Dr. Azzam added that being keen to promote financial literacy among university students, EGX launched the initiative of “Egyptian Exchange pavilion in universities” establishing educational booths in seven universities for a period of one to two weeks each, assisting around 4500 students since the beginning of the year. Also securities companies participated in this initiative giving a positive model of collaboration between market parties to promote financial literacy.
Dr. Azzam referred to the continuation of developing “EGX ambassadors” program, which produced 13 new ambassadors this year after comprehensive preparation and training reaching the total of around 90 ambassadors from all governorates. All ambassadors are selected carefully from students of investment and finance, completed Training of Trainers (TOT) program, and all are well prepared for promoting financial literacy and investor awareness among pre-university students.
Also EGX participated in Cairo International Book Fair 56th edition for the sixth year consecutively, where our partition unprecedentedly visited by more than 11 thousand visitors. In addition, we distributed simple educational booklets as “Invest right 1 and 2” and “Learn about Stock Exchange” explaining mechanisms of saving and investment in financial market, with participation of representatives from membership companies.
Regarding enhancing the digital presence on the Internet, Dr. Azzam presented the efforts of EGX producing 70 educational videos including podcast episodes and clips explaining the concepts of stock exchange, investment and saving. We succeeded to reach more than 4.5 million viewers with more than 40 thousand direct interactions, as more than 200 thousand new viewer visited EGX platform, of which we noticed more than 60% aged between 18 to 34 years old. This reflects our success in reaching targeted youth.
It’s worth mentioning that the interactive competition launched by EGX during the month of Ramadan attracted strong participation, as 12 winners were chosen to gain real investment portfolios. Also more than 50% of the winners showed real interest in investment by adding new funds to their portfolios.
Dr. Azzam confirmed that these initiatives are implemented within the frame work of our integrated strategy to enhance financial inclusion, raising new generation possessing skills and financial knowledge enabling them to make wise decisions, in alignment with the targeted economic vision based on knowledge and innovation.
Dr. Azzam concluded his speech that today’s event is not only a new trading session, but also a new stage of financial awareness and responsibility. He added that EGX will continue its cooperation with all partners from organizations, private sector and universities to promote the culture of investment and saving to reach a more sustainable and stronger economy.
Mr. Mohamed Elsayyad, Vice Chairman of Financial Regulatory Authority (FRA) started his speech by confirming that World Investor Week is an opportunity to renew commitment to our basic principle that Financial Markets grow not only by numbers and indices, but also by trust and knowledge. He explained that trust is gained when the investor feels his funds are in an organized and fair environment, whereas knowledge is reached when he understands his tools, rights and risks. He added that protecting the investor starts with financial literacy not penalties, as financial awareness is the first stage to enhance financial inclusion enabling people to make smart investment decisions.
Mr. Elsayyad presented the efforts of FRA promoting financial literacy and awareness through innovative initiatives, among which the most prominent is the digital platform “Iinvest”, being the first integrated online hub for educating the nonbanking financial activities through educational material, interactive programs and training videos. He added that FRA Podcast “Know to benefit” is the first regulatory podcast of its kind in the region, presenting simple content to raise financial awareness of youth concerning capital markets, insurance and consumer finance. He also referred to the continuous awareness campaigns on social media guiding people to ways of knowing licensed entities before investing.
Meanwhile, FRA Vice Chairman also discussed digital transformation and financial technology (Fintech), being one the main topics related to World Investor Week this year. He clarified that FRA is one of the pioneering regulatory authorities in the region to introduce an integrated framework organizing this field through issuing law no. 5 for year 2022 and its executive decision nos. 139, 140, 141, 268 for year 2023 and no. 57 for year 2024, regarding automated financial advisor (RoboAdvisor). He emphasized that these efforts manifest the vision of FRA, that innovation compliments regulations, not contradicts it. He concluded that WIW represents an invitation to sharing responsibility between all market parties to build sustainable financial awareness that enhances trust and protects investors.
Mr. Mohamed Sabri, Vice Chairman of EGX highlighted the importance of enhancing financial literacy among all segments of society specially youth. He announced the launch of professional podcast series of around 50 episodes covering different educational and investment topics in a simple and amusing way targeting different social segments.
He also declared that EGX started developing the educational content for preuniversity students with collaboration of concerned parties. In addition to arranging promotional events discussing the benefits of listing on stock market, to be attended by around 150 of leaders from the companies targeted to be listed and other companies, organizations and parties related to the process of listing and IPO.
From his side Dr. Mohamed Abdelaziz, Assistant to the Chairman FRA confirmed that Egypt is currently witnessing consecutive successes on different levels: diplomatic, political and economic, becoming a model regionally and internationally attracting investments and enhancing stability. He clarified that accumulative success is translated into increased confidence from investors locally and internationally in the Egyptian economy, opening new horizons for growth and development.
Dr. Abdelaziz added that trust can’t be kept and continued except through promoting financial literacy among people and investors, as it represents the link connecting economic policies and practical reality. He added that financial literacy is not just financial knowledge or personal skills, it is the core of economic development that guarantee benefiting from the economic reform and converting growth into actual development felt by people in their everyday life.
He clarifies that enhancing financial literacy will enable people understand their rights and responsibilities as well as making smart investment decisions. It also helps investors differentiate between real opportunities and fake offers as well as secure investment and high risk opportunities. Dr. Abdelaziz confirmed that promoting financial literacy is the basis of achieving real financial inclusion so that we all benefit from economic development. He also referred to the efforts exerted by FRA including awareness campaigns, training initiatives and organizational cooperation with ministries and universities, all is part of integrated vision to enable the Egyptians to deal wisely with the non-banking financial services.
From her side, Mrs. Nandini Sukumar, Chief Executive Officer (CEO) World Federation of Exchanges (WFE) said: EGX is leading its market in championing financial literacy. By taking part in the WFE’s Ring the Bell for Financial Literacy campaign, the exchange is reaffirming its commitment to building a more informed and financially-empowered society. We’re pleased to highlight some of the work EGX is doing to encourage broader participation in Egypt’s financial ecosystem in the industry’s Focus Magazine, and we look forward to continued collaboration to create lasting positive impact across markets.
