The Central Bank of Egypt (CBE) has announced a significant increase in the country’s financial inclusion rate, with 71.5% of eligible citizens now owning transaction accounts, according to data released on Friday.
The CBE’s core set of financial inclusion indicators, released as part of the periodic monitoring of the Financial Inclusion Strategy 2022-2025, show that 48.1 million citizens out of a total of 67.3 million eligible citizens (aged 16 and above) now own transaction accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards. This represents a rise from 70.7% in December 2023.
The CBE attributed the increase to its ongoing efforts, in collaboration with relevant ministries and authorities, to improve financial inclusion and make it easier for citizens to access banking services and products, particularly for women, youth, people with disabilities, and entrepreneurs.
“This remarkable upsurge comes in light of the CBE’s efforts… to improve the financial inclusion and facilitate citizens’ access to banking services and products with ease and convenience, particularly women, youth, people with disabilities and entrepreneurs,” the CBE said in a statement.
“This is achieved through enabling a supportive regulatory framework, participation in different projects, availing suitable products that meet the needs of excluded segments, in addition to disseminating the necessary financial literacy and financial awareness across all segments of the society.”
The indicators also showed an increase in the number of women who own transaction accounts to 20.8 million, representing 63.4% in June 2024 compared to 62.7% in December 2023. This progress is a result of projects and initiatives launched by the CBE, in partnership with Egypt’s National Council for Women, the Ministry of Social Solidarity, and other government institutions, aimed at advancing women’s financial inclusion and economic empowerment.
With regards to the financial inclusion of youth aged 16 to 35 years, the rate increased in June 2024 to 51.7% compared to nearly 51.5% in December 2023, amounting to 19.2 million youth out of a total of 37.1 million. This aligns with the regulations issued by the CBE to support youth financial inclusion, such as allowing the opening of accounts for youth from the age of 16 and above, in addition to facilitating account opening for handicraftsmen under the name of “Economic Activity Accounts” and “Financial Inclusion Accounts for Citizens” using only their National ID.
It is worth noting that financial inclusion rates in Egypt have increased between 2016 and June 2024 by 181%, reflecting a surge in citizens’ utilization of financial services. The core set of financial inclusion indicators plays a vital role in monitoring the progress of financial inclusion rates, which enable the development of supportive policies to achieve the sustainable development and economic empowerment of citizens, in alignment with Egypt’s Vision 2030.
