In celebration of Arab Financial Inclusion Day, the Central Bank of Egypt (CBE) has announced a nationwide initiative enabling citizens to open bank accounts free of charge and with no minimum balance requirement through the end of April. The campaign is being implemented under the direct sponsorship and supervision of the CBE.
In an official statement, the CBE outlined the full scope of services being made available during this period. These include: opening bank accounts with no fees or minimum deposits; issuing prepaid and debit cards; launching e-wallets; activating mobile and internet banking services; and offering educational and financial awareness programs to the public.
To maximize outreach, bank representatives will be stationed outside branches and in high-traffic locations such as universities, sports clubs, and youth centres. The initiative is being supported by strategic partnerships with key institutions, including the Ministry of Youth and Sports and the National Council for Women, which share the goal of advancing financial inclusion across Egypt.
The CBE’s annual calendar of financial inclusion activities features several themed campaigns. These include: Women’s Financial Inclusion from 8 to 31 March, coinciding with International Women’s Day; Arab Financial Inclusion Day, observed throughout April; Youth Inclusion from 1 to 15 August in celebration of International Youth Day; Farmer Inclusion from September 1 to 15 to mark Farmer’s Day; Savings Inclusion from 15 to 31 October, aligned with both Global Financial Inclusion Week and World Savings Day; and Inclusion of People with Disabilities from 1 to 15 December, linked to the International Day of Persons with Disabilities.
In a recent update, the CBE revealed that Egypt’s financial inclusion rate rose to 74.8% in 2024, up from 70.7% in 2023. This represents a 204% increase in financial inclusion between 2016 and 2024. The CBE attributed the progress to regulatory reforms, including a directive that lowered the minimum age for opening bank accounts from 16 to 15 years—aligning with the eligibility age for national ID issuance.
Among the country’s estimated 39.4 million youth aged 15 to 35, the financial inclusion rate reached 53.1% in 2024. This marks a 65% increase since 2020, highlighting growing engagement from young Egyptians with formal financial services.
The CBE also pointed to past initiatives that simplified account opening processes for citizens and craftsmen using only a national ID. These measures resulted in the opening of approximately one million individual accounts and 400,000 accounts dedicated to economic activities between 2022 and 2024—steps that helped integrate a larger segment of the population into the formal banking system.
Notably, financial inclusion among women saw a significant leap, reaching 68.8% in December 2024. This reflects a staggering 295% increase since 2016, with 23.3 million women aged 15 and above now holding accounts and accessing banking services, out of a total of 33.9 million in that demographic.
The CBE concluded that Egypt’s rising financial inclusion figures in recent years reflect a positive trajectory in expanding access to financial services. The trend supports increased savings, smoother transactions, lower time and cost barriers, and greater convenience—while also enhancing the economic empowerment of youth and women across the country.
