By the end of 2024, approximately 52 million Egyptians are managing their finances through banks, Egypt Post, mobile wallets, or prepaid cards
By: Business Today Egypt
Wed, Feb. 26, 2025
The Central Bank of Egypt (CBE) announced that Egypt has reached a key milestone in financial inclusion, with 74.8% of eligible Egyptians aged 15 and above now actively using financial accounts.
By the end of 2024, approximately 52 million Egyptians are managing their finances through banks, Egypt Post, mobile wallets, or prepaid cards. This represents a substantial increase in financial inclusion, driven by strategic efforts and collaborations over the past several years.
The 74.8% financial inclusion rate marks significant progress from 2023, where the rate stood at 70.7%.
This growth reflects a 204% increase in financial inclusion from 2016 to 2024, despite the expanding base of eligible citizens.
The CBE attributed much of this progress to the reduction of the minimum account-opening age from 16 to 15 years, which opened up access to financial services for Egypt’s youth population.
Financial inclusion among women has seen a pronounced increase, with 23.3 million women now holding active accounts by the end of 2024.
This represents a 295% growth since 2016, and the financial inclusion rate for women has risen to 68.8%. Efforts to empower women financially, particularly through tailored policies and campaigns, have been central to this achievement.
The financial inclusion rate for youth (aged 15 to 35 years) has also grown significantly. Reaching 53.1%, this marks a 65% increase from 2020 to 2024. These efforts were supported by policies aimed at encouraging youth participation in Egypt’s formal financial sector.
In line with the CBE’s initiatives, financial inclusion regulations have streamlined account openings. The use of National IDs for opening accounts has allowed individuals, including handicraftsmen, to participate in the formal financial sector.
Over 1 million financial inclusion accounts have been opened between 2022 and 2024, along with 400,000 economic activity accounts, designed to facilitate financial transactions for underserved groups.
The CBE's financial inclusion success has been bolstered by ongoing collaboration with key stakeholders, including government ministries, regulatory authorities, and the private sector.
This teamwork aims to provide economic empowerment for all Egyptians, with a particular focus on women, youth, people with disabilities (PWDs), and entrepreneurs.
As part of these efforts, the CBE has also partnered with international organizations such as the European Union and GIZ Egypt, launching campaigns to boost financial literacy and further integrate underserved populations into the formal financial system.
Looking forward, Egypt remains committed to expanding its financial inclusion efforts, with a focus on digital financial services and empowering underrepresented communities. The government’s broader initiatives, such as the "Decent Life" (Hayah Karima) program, have already improved financial access in rural areas, with over 650,000 new bank accounts opened by mid-2024.