The move was aimed at reducing the central bank’s substantial losses incurred from covering the difference between subsidized and market interest rates on behalf of the Finance Ministry.
In June 2024, 48.1 million out of 67.3 million eligible Egyptians aged 16 and above have transaction accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
Mobile/e-wallets in Egypt have been increasing in popularity, accelerated by several initiatives from the Central Bank of Egypt (CBE), with the number of mobile wallets climbing to 39.4 million in 2023
The newly introduced platform aims to facilitate real-time monitoring and in-depth analysis of various credit products, including valuable data such as the number of customers who have obtained them and limits granted
Afreximbank has granted around $12.8 billion to Egyptian banks and companies in the past 3 years with $9.5 billion injected into local banks such as Banque Misr and the National Bank of Egypt
