Egypt achieves 181% growth rates in financial inclusion through 8 years

Egypt has witnessed an impressive 181 percent surge in financial inclusion rates between December 2016 and June 2024, as highlighted in a report by the Central Bank of Egypt (CBE).

 

The number of citizens with financial accounts—including those in banks, Egypt Post, mobile wallets, and prepaid cards—has grown to 48.1 million, accounting for 71.5 percent of the 67.3 million eligible citizens aged 16 and above by June 2024.

 

Micro, small, and medium enterprises (MSMEs) have also seen transformative growth during this period. Funding for MSME projects increased by 388 percent between December 2015 and June 2024, while industrial sector financing grew by 61 percent.

 

In Delta governorates, MSME financing rose by 72 percent, and Upper Egypt experienced a 59 percent increase between December 2020 and June 2024.

 

Additionally, the microfinance sector reported a staggering 1,350 percent growth in funding from December 2016 to June 2024, according to the Egyptian Federation for Financing Medium, Small, and Micro Enterprises.

 

This progress has been driven by collaborative efforts from state entities, the establishment of supportive regulatory frameworks, and the launch of tailored financial products designed to meet citizens’ diverse needs.

 

Since 2017, the CBE has organized six financial inclusion events aligned with global occasions, enabling banks to operate outside their branches, promote services, and open accounts without fees or minimum balance requirements, thereby raising financial awareness.

 

To further promote economic and social empowerment for women, the CBE supports the expansion of savings and lending groups in partnership with the National Council for Women and the Agricultural Bank of Egypt.These initiatives aim to encourage women’s savings, improve financial literacy, and foster the use of financial technology.

 

Moreover, Egyptian banks, under the CBE’s guidance, have actively participated in the presidential Haya Karima (Decent Life) initiative since July 2021.

 

This program targets enhanced public services across 20 governorates, 52 districts, and 1,667 villages, contributing to improved living standards and national development efforts.