Egypt’s financial inclusion rate rises 5.4% in 6 months: CBE

Ahram Online , Sunday 19 Nov 2023

The financial inclusion rate in Egypt increased by 5.4 percent to 67.3 percent during the first six months of 2023, according to a report by the Central Bank of Egypt (CBE).

Financial inclusion.
Financial inclusion.


The number of Egyptians (aged 16+) who have accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards increased to 44.6 million by the end of June 2023 from 42.3 million at the end of December 2022, the report showed.

The number of issued prepaid cards rose to 30.3 million in January-June 2023 from 28.6 million at the end of last year.

Meanwhile, mobile wallets rose by 13.15 percent year-to-date (YTD) in June and the number of access points, including branches of financial institutions, ATMs, point-of-sale devices, and payment service providers, surged by 27.11 percent YTD.

The number of women using these services increased by 5.46 percent YTD to 19.3 million over the same period.

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.

It is a cornerstone of Egypt Vision 2030 and is a key engine for achieving the vision's sustainable development goals, especially those related to creating a competitive and diversified economy.

In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.

Between 2016 and 2022, financial inclusion rates in the country have improved by 147 percent, according to the CBE.

Egypt has invested EGP 50 billion in digital transformation projects.

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