Egypt's Financial Inclusion Rate Surges to 67.3%

The rate of financial inclusion in Egypt has increased by 5.4% to a total of 67.3% in the first six months of 2023, according to the Central Bank of Egypt (CBE). By June 2023, the number of people who have bank accounts, prepaid cards and phone wallets has increased to 44.6 million,  from 42.3 million in December 2022.

The number of issued prepaid cards alone rose to 30.3 million in the first six months of 2023, compared to the 28.6 million in 2022. The number of mobile wallets, meanwhile, rose to 34.4 million.

In 2022, the CBE launched a financial inclusion strategy after reporting an improvement in financial inclusion rate of 147% percent from 2016 to 2022. This comes in alignment with Egypt’s 2023 vision in creating a diverse and competitive economy, with the government having invested EGP 50 billion in digital transformation projects so far.