Back to the complete issue
Monday, 28 November 2022

Some 60% of Egyptian adults have access to the financial system

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.