NBE creates 2 mln banks accounts enhancing financial inclusion

National Bank of Egypt, the country’s largest bank by assets, created 2 million bank accounts  during the financial year 2017/2018 which enhances its’s efforts to activate the system of financial inclusion.

Financial inclusion is one of the most important concepts that recently attracted the attention of international organizations and central banks in general.

(CBE) participated in several regional and global initiatives to improve financial inclusion in Egypt.

In July 2017, Egypt was chosen, along with China and Mexico, as a model country in a new Financial Inclusion Global Initiative launched by the World Bank Group. The three-year initiative aims at supporting access to financial services to the unbanked and underbanked and developing policy recommendations in digital finance.

According to the World Bank, Egypt has the potential to bring a large number of people into the formal financial sector (more than 44 million adults).

The CBE has been supporting the creation of an enabling policy and regulatory environment that allows for greater financial inclusion.