Egypt’s financial inclusion rates significantly surged to 70.7% by the end of 2023, according to the Central Bank of Egypt (CBE). According to CBE’s financial inclusion indicators for the year, revealing that 46.9 million adults aged 16 and above now possess transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards, out of a total adult population of 66.4 million. This represents a remarkable growth rate of 174% from 2016 to 2023, with the financial inclusion rate rising from 64.8% in December 2022.
The CBE highlighted Egypt’s outstanding progress in ensuring access to tailored financial services for its citizens, leading to increased savings, streamlined financial transactions, reduced costs, and enhanced convenience. The indicators also highlighted the inclusion of women, with 20.3 million financially included women out of a total of 32.3 million by December 2023, and the financial inclusion of youth, with 36.6 million individuals aged 16 to 35. The CBE attributed this impressive surge in financial inclusion rates to the collaborative efforts of the CBE, ministries, and national authorities, as well as their joint initiatives and events targeting diverse customer segments. The CBE’s involvement in the Decent Life ( Hayat Karima) presidential initiative, which focused on establishing banking presence in villages and improving financial infrastructure, further contributed to these positive outcomes. To overcome obstacles in accessing financial services, the CBE has introduced regulations allowing individuals as young as 16 to open accounts and facilitating the opening of accounts for artisans.
The CBE has also organized financial inclusion events in remote and underprivileged areas, waived administration fees and minimum balance requirements, and implemented financial literacy programs to encourage the utilization of various financial products.
