CBE reports 70.7% financial inclusion rate by end of 2023

CAIRO - 25 February 2024: The Central Bank of Egypt (CBE) announced that Egypt’s financial inclusion rate reached 70.7 percent by the end of 2023. This represents an increase from the 64.8 percent recorded in December 2022, reflecting a remarkable growth rate of 174 percent between 2016 and 2023.

 

According to the CBE, approximately 46.9 million Egyptian citizens now possess transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards. This figure accounts for a substantial portion of the country's adult population, totaling 66.4 million individuals.

 

The also report highlights the remarkable progress made in terms of gender equality in financial inclusion. The number of financially included women has risen to 20.3 million out of a total of 32.3 million adult women, representing a growth rate of 244 percent since 2016 and an inclusion rate of 62.7 percent.

 

The report also sheds light on the financial inclusion of the youth population. A total of 36.6 million young Egyptians now have access to financial services, comprising 51.5 percent of the youth demographic. This signifies a growth rate of 48.5 percent between 2020 and 2023.

 

The CBE's report underscores Egypt's exceptional progress in financial inclusion when compared to its peer countries. The significant growth rate is attributed to the increased number of citizens benefiting from tailored financial services that cater to their specific needs.

 

Moreover, the expansion of financial services has stimulated savings among customers, facilitated seamless financial transactions, and reduced the associated costs and time required for executing these transactions.

 

Last year, the Deputy Governor of the Central Bank of Egypt, Rami Aboulnaga, revealed that the number of Instapay customers surpassed 6.2 million users in 2022, underlining the growing popularity of digital payment solutions in Egypt.

 

The number of financial services companies operating in the country has surged from 32 to an impressive 177 companies. This surge in companies has attracted approximately $800 million in investments between 2017 and 2022, according to Aboulnaga.