Financial inclusion revolves around making quality financial services available to all individuals across all classes through formal channels at a reasonable cost in a way that protects their rights and allows them to soundly manage their money.
The CBE’s strategy aims to protect the rights of their clients and boost confidence in the Egyptian banking sector; promote a culture of the financial inclusion; uplift citizens’, companies’, and projects’ financial capabilities; encourage entrepreneurship and startups; and establish an inclusive and effective financial infrastructure.
The strategy also targets expanding digital financial services and easing access to financial services for the informal sector, bringing them into the formal economy.
The CBE said that it had held several meetings with ministries and the concerned bodies in order to draft this strategy.
The parties agreed that the strategy would focus on achieving sustainable development by economically empowering people through a formal and inclusive system that extends financial products and services at an appropriate cost, according to the CBE.
On the supply side, the CBE revealed that the financial inclusion rate – the number of individuals with bank accounts – jumped 131 percent from 2016 through June 2022. Out of the 65.4 million citizens over the age of 16, 39.6 million (60.6 percent) of them have a bank account in 2022.
Financial inclusion is one of the cornerstones of Egypt Vision 2030 and is a key engine for attaining the vision’s sustainable development goals, chiefly the goals related to creating a competitive and diversified economy.