The indicators in the CBE report showed an increase in financial inclusion rates reflecting a growth rate of 147% since 2016
The Central Bank of Egypt (CBE) released a report that outlines that Egypt has 42.3 million citizens who own and use transactional accounts, representing 64.8% of the total 65.4 million eligible adults. Transactional accounts include bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
The indicators in the CBE report showed an increase in financial inclusion rates reflecting a growth rate of 147% since 2016. The CBE also reported that the number of women with transactional accounts increased to 18.3 million, a 210% increase since 2016.
The report also showed that the number of financial access points has reached 1,214 points per 100,000 citizens, signifying an expansion rate of 107% during the period since 2020. These points include banks’ network of branches, Egypt Post, Microfinance Institutions, ATMs, Points of Sale, and Payment Service Providers.
The CBE also released the core set of financial inclusion indicators for 2022, which contribute to monitoring the progress of the usage of financial services, products, and access points by all segments of society, to attain sustainable growth and economic stability, in alignment with the sustainable development goals and Egypt's vision 2030.
In June 2022, the number of adults with transactional accounts was 40 million people, with the CBE releasing its financial inclusion strategy for 2022 which aims to boost confidence in the Egyptian banking sector and encourage entrepreneurship and startups.
