Financial inclusion, which involves easing citizens’ access to banks and financial products, in Egypt has significantly increased in the last few years to include 71.5 percent of citizens aged 16 years old and above as of June 2024 compared to 70.7 percent in December 2023.
CBE makes progress on Financial Inclusion Strategy 2022-2025
The overall financial inclusion rate for citizens 16 years and above (estimated at 67.3 million) increased by 181 percent between 2016 and June 2024. Therefore, according to the Central Bank of Egypt (CBE), the number of financially included citizens in this category rose from 17.1 million in 2016 to 48.1 million in 2024.
“The core set of financial inclusion indicators play a vital role in monitoring the progress of financial inclusion rates, which enable the development of supportive policies to achieve the sustainable development and economic empowerment of citizens, in alignment with Egypt’s Vision 2030,” added CBE.
In line with its Financial Inclusion Strategy 2022-2025, Egypt’s central bank has bolstered its efforts to enhance financial inclusion in collaboration with several ministries and authorities. These initiatives focus on making banking services more accessible, particularly for women, youth, people with disabilities, and entrepreneurs.
Raising women’s financial inclusion rate
Egypt’s central bank revealed that the financial inclusion rate among women witnessed an increase so far this year due to several initiatives including CBE’s “Women for Women in Fintech” initiative that offers fintech solutions to women entrepreneurs. CBE’s indicators revealed an increase in the number of women who own transaction accounts to 20.8 million women, representing 63.4 percent in June 2024 compared to 62.7 percent in December 2023. The number of financially included women has risen in the last few years, growing by 252 percent from 2016 until June 2024.
The central bank also attributed this rise to partnerships with the National Council for Women, the Ministry of Social Solidarity, and other Government institutions, which aim to advance women’s financial inclusion and economic empowerment.
Youth financial inclusion up
With regards to the financial inclusion of youth aged 16 to 35 years, the rate increased in June 2024 to 51.7 percent compared to nearly 51.5 percent in December 2023, amounting to 19.2 million youth out of a total of 37.1 million.
This growth aligns with the central bank’s regulations to support youth financial inclusion across Egypt, such as allowing the opening of accounts for youth from the age of 16 and above, in addition to facilitating account opening for handicraftsmen under the name of “Economic Activity Accounts” and “Financial Inclusion Accounts for Citizens” using only their National ID.
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