Egypt’s financial inclusion rate has grown by 131% between 2016 and mid-2022, revealed the Central Bank of Egypt (CBE) yesterday.

The rate includes citizens above the age of 16 who hold a bank account, mobile wallet, or pre-paid card.

More than 56% of Egyptian adults, around 37 million adults, were banked at the end of 2021, climbing from approximately 53% recorded in 2020, explained the CBE.

By June 2022, this jumped to 60.6% to around 40 million adults, a significant hike from 2016’s recorded 17.1 million adults.

The CBE released its financial inclusion strategy for 2022-2025 on Sunday which highlights key objectives and priorities for creating financial inclusion in the country, including amending legal and regulatory frameworks, driving growth in fintech and digital financial infrastructure, and ensuring the availability of sustainable finance and a stable economic environment.

The strategy aims to boost confidence in the Egyptian banking sector along with promoting a culture of financial inclusion and encouraging entrepreneurship and startups.

It will also work on expanding digital financial services and easing access to financial services for the informal sector, bringing them into the formal economy.

This comes within the framework of the efforts exerted statewide to achieve economic empowerment for individuals and companies in tandem with the sustainable development goals and Egypt Vision 2030.