Egypt’s financial inclusion rates surge to 70.7% in ’23

Egypt’s financial inclusion rate increased to 70.7 per cent in 2023, representing a 174 per cent growth between the period of 2016 to 2023, Federation of Egyptian Banks reported on Thursday, citing Central Bank of Egypt (CBE) statement.

The overall number of Egyptians – above the age of 16 – who have accounts in Banks, Egypt Post, mobile phone wallets, or prepaid cards has reached 46.9 million citizens, representing 70.7 per cent compared to 64.8 per cent in December 2022.

The financial inclusion rate for youth – aged 16 to 35 – reached 36.6 million citizens, representing 51.5 percent with a growth rate of 48.5 percent from 2020 to 2023, according to the statement.

Moreover, the number of financially included women in Egypt has increased to 20.3 million women in December 2023. This represents a growth rate of 244 per cent since 2016 and an inclusion rate of 62.7 percent.

Egypt has seen significant growth in financial inclusion in recent years. This has led to increased access to financial services, higher savings rates, easier transactions, and reduced costs and time. 

The CBE’s key indicators for financial inclusion are crucial for monitoring and developing financial inclusion rates. They help formulate policies to empower citizens economically in line with the Sustainable Development Goals and Egypt’s Vision 2030.