The Central Bank of Egypt (CBE) has launched its annual Financial Inclusion for Women initiative, coinciding with International Women’s Day. The event, running from March 8th to the end of the month, aims to enhance women’s access to formal financial services and promote their economic participation.
This initiative highlights the CBE’s continued efforts to elevate women’s financial inclusion, with recent data showing a 295% growth in women’s participation since 2016. By the end of December 2024, 68.8% of Egyptian women were engaged in financial services, amounting to 23.3 million women benefiting from various financial products.
Collaborating for Economic Empowerment
Key international partners, including USAID and Pathfinder International, have been vital in supporting the CBE’s mission. These organizations work closely to enhance women’s access to financial products, with USAID aiding in the design of targeted programs and Pathfinder focusing on providing financial education and health services, especially in underserved areas.
CBE’s Financial Milestones for Women
Since the initiative’s inception in 2019, over 1.4 million financial products have been distributed to women. This includes the opening of 664,000 bank accounts, issuing 196,000 digital wallets, and distributing 530,000 prepaid cards. The CBE continues to innovate by offering specialized products, including microfinance solutions for women entrepreneurs, aimed at fostering economic independence.
Harnessing Financial Technology for Broader Reach
A key pillar of the CBE’s strategy is financial technology, which has proven crucial in expanding access to financial services, particularly in rural areas. The “Tahwisha” project, a digital savings and loan initiative, has seen 246,400 women actively participate, with additional outreach programs focusing on financial literacy and inclusion.
Moreover, the CBE has digitized remittances, ensuring that female remittance recipients—who make up 85% of the beneficiaries—gain access to banking services. This digital initiative is part of a broader effort to modernize Egypt’s financial infrastructure and support women across the country.
A Strategic Focus on Women’s Empowerment
Through its partnership with USAID and Pathfinder, the CBE remains at the forefront of economic empowerment for women in Egypt. By improving access to financial products, leveraging technology, and fostering financial literacy, these initiatives are paving the way for a more inclusive and prosperous future for Egyptian women.
