This move is part of Egypt’s broader strategy to promote financial inclusion.
Moreover, financial inclusion is a fundamental pillar of Egypt's Vision 2030. It plays a crucial role in achieving the vision's sustainable development objectives, particularly those focused on building a competitive and diversified economy.
In October 2022, the CBE launched its financial inclusion strategy for 2022-2025, aiming to make financial services more accessible to all citizens through formal channels at affordable costs, while safeguarding their rights and enabling them to manage their finances effectively.
According to the World Bank, financial inclusion means that individuals and businesses can responsibly and sustainably access essential and affordable financial products and services — such as payments, savings, credit, and insurance.
In Egypt, the number of financially included citizens has grown significantly from 17.1 million in 2016 to 48.1 million in 2024.
In related news, CBE has authorized banks to open financial inclusion accounts in foreign currencies in addition to the Egyptian pound.
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