Financial inclusion account withdrawal limits for individuals and businesses increased by CBE

Cairo – December 30, 2024: The Central Bank of Egypt (CBE) has significantly raised the daily and monthly withdrawal limits for financial inclusion accounts, benefiting both individuals and businesses.

In a circular released on Sunday, the CBE announced a 50 percent increase in the withdrawal limits for these accounts, which include services such as withdrawals, transfers, debit transactions, and purchases, all aimed at improving financial accessibility.

These financial inclusion accounts, which are offered with low or no fees, are essential in providing banking services to underserved segments of society, such as low-income individuals and micro-enterprises. They also allow digital access to financial services, making banking more affordable and accessible.

For individual accounts, the daily withdrawal, transfer, and purchase limits have increased from LE 60,000 to LE 90,000. Additionally, the monthly limit for these accounts has been raised from LE 200,000 to LE 300,000.

For licensed micro-enterprises, the CBE has raised the daily limits on financial inclusion accounts, prepaid cards, and mobile banking transactions from LE 80,000 to LE 120,000. The monthly limits for these accounts have also been increased from LE 400,000 to LE 600,000.

The CBE has also raised the daily withdrawal limits for unlicensed micro-enterprises, self-employed workers, and freelancers from LE 60,000 to LE 90,000, with monthly limits increasing from LE 200,000 to LE 300,000.

It also confirmed that the daily and monthly maximum limits for prepaid cards and mobile payment services remain unchanged, following the guidelines established in a previous circular issued in November 2023.

This move is part of a broader strategy by the CBE to promote financial inclusion in Egypt, which has shown remarkable progress in recent years. In 2023, the CBE had already increased daily limits for individuals' financial inclusion accounts and prepaid cards, raising the daily limit from LE 30,000 to LE 60,000, with monthly limits growing from LE 100,000 to LE 200,000. For micro-enterprises, daily limits were increased from LE 40,000 to LE 80,000, while monthly limits rose from LE 200,000 to LE 400,000.

The CBE’s efforts to boost financial inclusion align with the bank’s 2022-2025 strategy, aiming to expand access to financial services across Egypt.

As part of this strategy, the number of Egyptians holding transactional accounts has surged. From 2016 to June 2024, the number of such accounts grew by 181 percent, with 48.1 million Egyptians now using transactional accounts by mid-2024 — a 71.5 percent increase from previous years.

Between December 2023 and June 2024, the number of women with transactional accounts increased from 20.3 million to 20.8 million.

Since 2016, the number of financially included women has skyrocketed by 252 percent, marking a significant achievement in the CBE’s financial inclusion efforts.