Egypt has made significant progress in enhancing financial inclusion thanks to the cooperation between CBE and various local and international partners. Sherif Lokman, Sub Governor of the Central Bank of Egypt (CBE) for Financial Inclusion, said.
He added that the financial inclusion rate in Egypt has increased remarkably in the past seven years.
Lokman said that by June 2023, the number of citizens with bank accounts enabling them to perform financial transactions was 44.6 million, which represents 67.3% of the total population aged 16 years and over, estimated at 66.4 million. This means that the growth rate of financial inclusion from June 2016 to June 2023 was 160.8%, ACCORDING TO THE “Daily News Egypt” website.
He also highlighted the achievements of financial inclusion for women, saying that the number of women with financial accounts rose to 19.3 million by the end of June 2023, with a growth rate of 227% in seven years.
Lokman made these remarks during the Arab Conference on Savings and Financial Culture 2023, which concluded last Thursday. He also said that the banking sector has increased its financing for micro, small, and medium enterprises (MSMEs) by 350% from January 2016 to June 2023.
He stressed that CBE is keen to continue its efforts to raise awareness and financial education across all governorates of Egypt as a critical factor in enabling citizens to access and use the available financial products and services.
