The CBE announced that Egypt’s financial inclusion rate reached 70.7% by the end of 2023, compared to 64.8% in December 2022, signaling an overall growth rate of 174% during from 2016 to 2023
The Central Bank of Egypt (CBE) released that the number of adults who own transactional accounts whether bank accounts, Egypt Post accounts, mobile wallets and prepaid cards, reached around 46.9 million citizens out of a total of 66.4 million adults.
The CBE announced that Egypt’s financial inclusion rate reached 70.7% by the end of 2023, compared to 64.8% in December 2022, signaling an overall growth rate of 174% during from 2016 to 2023.
In terms of women, the indicators showed an increase in the number of financially included women, reaching 20.3 million women, out of a total of 32.3 million at the end of December 2023, with a growth rate of 244% compared to 2016, signifying an inclusion rate of 62.7%.
The financial inclusion rate of youth amounted to a total of 36.6 million citizens, reached 51.5%, with a growth rate of 48.5% from 2020 to 2023.
The CBE in its report stated that Egypt’s financial inclusion growth rate over the past years marked one of the best among peer countries.
The report outlines that “the growth rate is reflected through the significant increase in the number of citizens benefitting from financial services that meet their needs, the stimulation of the customers’ savings, the facilitation of financial transactions, and reduction of the cost and time required to execute their transactions,”
Last year, the Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboulnaga, announced that the number of Instapay customers reached more than 6.2 million users in 2022. The number of financial services companies raised from 32 to 177 companies, which contributed to attracting $800 million from 2017 to 2022, Aboulnaga added.
