Financial inclusion rates up 110% in last 5 years: Egypt CBE deputy governor

MENA , Monday 14 Mar 2022

Deputy governor of the Central Bank of Egypt (CBE) Sherif Loqman said on Monday that financial inclusion rates have increased by more than 110 percent over the past five years, rising from 27 percent in the end of 2016 to 56.2 percent by the end of 2021.

Central Bank of Egypt (CBE) Sherif Loqman
Central Bank of Egypt (CBE) Sherif Loqman

Addressing a conference on the future of small- and medium-sized enterprises (SMEs) — which is organised by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor — Loqman said that the CBE is seeking to offer equal financial services to all Egyptians.

He added that the CBE is acting to promote banking culture among the different segments of society.

The deputy governor said that expanding SME finances is meant to achieve the goals of financial inclusion.

Moreover, he noted that SME finances have increased by 253 percent since 2015, and now exceed EGP 400 billion.

The banking sector has also outlined plans to expand technical support services offered to SMEs, Loqman said, emphasising that this is the most important step in the coming period.

Furthermore, he stressed that banks offer innovative solutions to help meet the needs of the SME sector.

About 50 percent of the country’s economic sectors are not involved in banking services, Loqman told the conference, adding that the CBE is currently working to include those sectors through non-financial services.

The CBE deputy governor also discussed early decisions to rehabilitate the infrastructure for digital transformation in terms of cash and bank transactions.

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