Introduction

Egyptian businessman Naguib Sawiris has revealed his intention to apply for a digital bank license in Egypt. This move comes as digital banks have emerged as strong competitors to traditional banks, allowing for convenient financial and banking transactions that can be conducted over the phone without the need to visit a physical bank.

A Digital Banking Revolution

Sawiris highlighted the advantages of digital banks, explaining that transfers, withdrawals, and payments can all be done electronically. He emphasized that digital banks operate with minimal staff and offer faster loan approval processes compared to traditional banks. The low cost of loan approval is also a key benefit, as it aligns with the idea of success in countries like America.

Addressing Youth Unemployment

In a speech at the Employment Forum, Naguib Sawiris acknowledged the high demand for jobs among young people and the challenges they face. He noted that job seekers often give up quickly due to the difficulty of accessing opportunities. Sawiris expressed his support for job forums, which provide a platform for companies to connect with potential employees. These forums bring hope to unemployed youth who may otherwise resort to illegal activities, such as the drug trade, out of desperation.

Conclusion

Naguib Sawiris’s plan to establish a digital bank in Egypt reflects the growing trend of digital banking and its potential to revolutionize the financial industry. Furthermore, his support for job forums highlights the importance of creating opportunities for unemployed youth, offering them hope and a chance to build a better future.

Source

Source: Sada El Balad.