CBE reveals financial inclusion indicators, over 71% of citizens now have accounts

Cairo – August 25, 2024: Financial inclusion rates have surged in the past few months, with the Central Bank of Egypt (CBE) reporting that 71.5 percent of eligible citizens now hold transaction accounts, climbing from 70.7 percent in December 2023, according to data released on Friday.

In line with Egypt's Vision 2030, the CBE implemented several initiatives and incentives to encourage unbanked citizens to join the banking system.

The central bank shared that 48.1 million out of 67.3 million eligible Egyptians aged 16 and above have transaction accounts in June 2024, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.

Financial inclusion rates in Egypt have surged by 181 percent from 2016 to June 2024, reflecting a substantial rise in citizens' engagement with financial services, according to previous data.

In its recent statement, the CBE attributed the increase to ongoing efforts, in collaboration with various ministries and authorities, aimed at enhancing financial inclusion and improving access to banking services, particularly for women, youth, people with disabilities, and entrepreneurs.

The CBE's statement emphasized that it is a result of a supportive regulatory framework, participation in diverse projects, the availability of suitable financial products for previously excluded groups, and efforts to raise financial literacy and awareness across all segments of society.

The number of women with transaction accounts increased to 20.8 million by June 2024, accounting for 63.4 percent of eligible women, up from 62.7 percent in December 2023.

This was supported by various CBE initiatives in partnership with Egypt's National Council for Women, the Ministry of Social Solidarity, and other government entities focused on enhancing women’s financial inclusion and economic empowerment.

For youth aged 16 to 35 years, financial inclusion also saw an increase, reaching 51.7 percent in June 2024, compared to 51.5 percent in December 2023, representing 19.2 million youth out of a total of 37.1 million.

The CBE’s regulations now allow youth from 16 years of age to open accounts, it highlighted. The central bank noted that it is facilitating account openings for craftsmen through “Economic Activity Accounts” and “Financial Inclusion Accounts for Citizens” using only their National ID.

Earlier this month, the central bank shared that the number of mobile wallet accounts reached 36.7 million by the end of September 2023, with a total of 96.2 million transactions valued at LE 11.64 billion during the fiscal year 2023/2024.