The CBE’s financial inclusion drive, in numbers: Egypt’s financial inclusion rate — the percentage of citizens above the age of 16 who hold a bank account, mobile wallet or pre-paid card — has grown 131% between 2016 and 2022, according to a Central Bank of Egypt report (pdf) published yesterday. Some 40 mn adults (60.6%) in Egypt were banked by June of this year, up from 17.1 mn in 2016, the report says.

Some 3 mn people entered the financial system in 1H 2022: More than 56% of Egyptian adults — nearly 37 mn people — were banked at the end of 2021, up from almost 53% the year before, according to earlier figures from the CBE.

The CBE is doubling down on its plans to push financial inclusion through 2025 by amending legal and regulatory frameworks, driving growth in fintech and digital financial infrastructure, and ensuring the availability of sustainable finance and a stable economic environment. The report does not go into further detail on these “enablers” of the CBE’s financial inclusion strategy.

REFRESHER– The four-pillar financial inclusion strategy was first launched in 2019 and focuses on consumer empowerment through raising awareness about financial inclusion and consumer rights, diversification in banking and non-banking financial products, supporting the MSME ecosystem, and expanding the use of fintech solutions, according to the report.