1 in 3 Egyptians has a bank account
© Egypt Business Directory
From less than 20% in 2014 to 33% in 2017, Egypt made a huge progress in including more people into the formal banking system.
The Global Findex Database report 2017 issued by the world bank stated that Egypt has great opportunities for financial inclusion.
The report showed that the gap between men and women in banking and owning cards is about 12% while the gap based on the economic level of the individual is 21%.
More than 80% of Egyptians pay their utility bills using cash and depend on friends and family for credit/loans and emergency finance.
Most of the private sector employees receive their salaries in cash in contrast to the public sector that receives payment in an account.
Salaries are considered a main driver for financial inclusion as 14% of Egyptians opened accounts in 2017 to receive payments.
The report stated that in a country like Egypt going digital when it comes to private sector salaries would include a fifth of Egyptian into the banking system.
The Global Findex Database report 2017 issued by the world bank stated that Egypt has great opportunities for financial inclusion.
The report showed that the gap between men and women in banking and owning cards is about 12% while the gap based on the economic level of the individual is 21%.
More than 80% of Egyptians pay their utility bills using cash and depend on friends and family for credit/loans and emergency finance.
Most of the private sector employees receive their salaries in cash in contrast to the public sector that receives payment in an account.
Salaries are considered a main driver for financial inclusion as 14% of Egyptians opened accounts in 2017 to receive payments.
The report stated that in a country like Egypt going digital when it comes to private sector salaries would include a fifth of Egyptian into the banking system.