Financial Inclusion Rates in Egypt Climb to 71.5%

The Central Bank of Egypt (CBE) has revealed that the financial inclusion rate in Egypt has risen to 71.5% from 70.7% between December 2023 and August 2024.

71.5% of eligible citizens now own transaction accounts, EgyptPost accounts, mobile wallets or prepaid cards, amounting to 48.1 million people out of a total 67.3 million that are aged 16 or over. The CBE has attributed the increase to efforts from ministries and public institutions working in the financial sector to facilitate wider access for banking services, particularly to women and youth.

Indicators show an increase in the number of financially included women, from 62.7% in December 2023 to 63.4% in June 2024, totalling 20.8 million Egyptian women. The rate of financial inclusion among youth aged 16 to 35 years old increased from 51.5% in December 2023 to 51.7% in June 2024, amounting to 19.2 million youth with transaction accounts out of a total 37.1 million.

Financial inclusion rates overall have risen by 181% between 2016 and 2024, reflecting a surge in mobile and online banking, as well as increased economic empowerment of citizens, aligning with Egypt’s Vision 2030.