On 10 January 2017 the Egyptian Banking Institute (EBI) conducted the first savings collection process for students participating in a pilot School Bank project in Egypt, held in partnership with Banque Misr and Modern Education Schools.
The bank set up its branch inside the school, which includes a representative from the bank branch and a service counter. Following financial education sessions the students were able to deliver their saved amounts to be deposited in their School Bank Banking Product. The simulation introduced students to the experience of visiting a bank and conducting a transaction using their cards. This enriched the children's learning experience and further cemented the importance of managing their finances as well as encouraging them to save. Financial literacy is a key part of the child-friendly product provided by Banque Misr, which is supported by incentives for students and close monitoring by the school's administration.
The pilot School Bank project in Egypt, is the first of its kind in the MENA region, launched in December 2016. This project is a part of the EBI's efforts in enhancing financial literacy through quality financial education among the children and young people in Egypt. Through its "Shaping the Future" initiative, EBI is committed to working with the financial sector in Egypt in building sustainable public private partnerships in order to alleviate financial illiteracy and contribute towards building well educated young economic citizens. The SchoolBank project is a pioneering model that allows implementing bodies to combine financial education and financial inclusion through practical and participatory methods.