Egypt central bank to launch e-pound by 2030

Ahram Online , Monday 8 Jan 2024

The Central Bank of Egypt (CBE) is set to launch the electronic pound by 2030 to increase the efficiency of monetary policy, read a government document released in January.

Open AI.
An aI-generated impression of Egyptian digital currency. Photo: DALL E 2 by Open AI.


The plan includes increasing the percentage of financial inclusion among Egyptians (aged 16+) to 100 percent in 2030 from 67.3 percent in mid-2023.

The number of electronic wallets is targeted to rise from 34.4 million in mid-2023 to 80 million by 2030. 

Another related target is to increase the number of mobile towers from 31,000 in FY2022/2023 to 45,000 by the end of 2030.

In the near term, Egypt wants to boost the contribution of the communication and information technology sector to the GDP to seven percent, up from 3.4 percent (recorded by the end of FY2021/2022).

Egypt has taken impressive leaps towards digital transformation in recent years.

In July, the CBE issued rules for licensing, registering, controlling, and supervising digital banks, after releasing data showing a 5.4 percent annual increase in financial inclusion rate, brining it to 67.3 percent during the first six months of 2023.

Short link: