CBE: Egypt’s financial inclusion rates soar 181% since ’16
The Central Bank of Egypt (CBE) reported on Sunday a remarkable 181 per cent increase in financial inclusion rates across the country between December 2016 and June 2024. The latest figures reveal that 71.5 per cent of eligible Egyptians aged 16 and older—48.1 million out of 67.3 million—now own transactional accounts.
This impressive growth stems from collaborative efforts among stakeholders, supportive regulatory policies, and the implementation of targeted initiatives. Projects tailored to diverse demographics, financial literacy campaigns, and partnerships with various ministries and authorities have all played a crucial role.
Key Initiatives Driving Inclusion
The CBE has launched several impactful projects to promote financial inclusion. Notably, annual financial inclusion events, held six times a year since 2017 to coincide with international occasions, have significantly expanded access to banking services. During these events, banks operated beyond their branches, offering free account openings with no minimum balance requirements and promoting a range of financial products and services.
In collaboration with the UN World Food Programme (WFP), the CBE is empowering smallholder farmers by improving their access to formal financial services, enhancing both their economic and social well-being. Similarly, a partnership with the National Council for Women (NCW) and the Agricultural Bank of Egypt supports digital savings and lending group projects to empower women. This initiative encourages saving and raises awareness of financial technology applications, boosting women’s financial and social independence.
Supporting Rural and National Development
Banks in Egypt, under the guidance of the CBE, have actively participated in the first phase of the presidential initiative Hayah Karima (Decent Life) since July 2021. The initiative aims to improve living standards in 1,667 villages across 20 governorates and 52 rural centers.
The CBE’s efforts have also bolstered banks’ financing portfolios for micro, small, and medium enterprises (MSMEs). From December 2015 to June 2024, MSME facilities increased by 388 per cent, while industrial sector funding rose by 61 per cent. Facilities for the Delta region grew by 72 per cent, and Upper Egypt saw a 59 per cent increase between December 2020 and June 2024. These advances have supported economic growth, reduced unemployment, and created opportunities for women and youth.
The CBE’s initiatives and partnerships underscore Egypt’s commitment to financial inclusion as a cornerstone of sustainable economic development, empowering millions and driving national progress.
Attribution: CBE statement
Subediting: Y.Yasser
