10 things you need to know about financial inclusion in Egypt

The Central Bank of Egypt released a report on Financial Inclusion in Egypt. The report highlighted great strides in terms of inclusion in the banking sector, access to financial services, and the progress of the bank's strategy for inclusion. Here are 10 things you need to know from the report.

1. The number of Egyptians who have bank accounts, Egypt Post accounts, mobile phone wallets, or prepaid bank cards in now at 42.3 million, representing 64.8% of Egyptians above the age of 16.
2. The number of women with monetary accounts has increased to 18.3 million, that's a major increase of about 210% compared to 2016.
3. Between 2020 and 2022, the number of prepaid card users in Egypt grew to 430,800 cards per 100,000 people. This is a 31% increase.
4. The number of mobile phone wallets reached 46,500 per 100,000 people, another 54% increase.
5. The financial access points all over Egypt, which include different points like banks and Egypt Post offices, as well as microfinance organizations, ATMs, electronic points of sale, and different payment services, increased to 1,214 per 100,000 people, representing 107% growth from 2020.
6. Financial inclusion is the process where individuals and businesses are able to access beneficial and affordable financial products and services that meet their needs in a responsible and sustainable manner.
7. Financial inclusion is a cornerstone of Egypt Vision 2030 and is a key factor for achieving the vision's sustainable development goals.
8. Inclusion indexes contribute to the development of services and financial products, and reporting and releasing them is meant to promote sustainable growth and economic stability.
9. In November 2022, the CBE launched its financial inclusion strategy for 2022-2025, which has key objectives and priorities for creating financial inclusion in the country.
10. The strategy aims to protect clients' rights, boost confidence in the Egyptian banking sector, promote a culture of financial inclusion, uplift financial capabilities, encourage entrepreneurship and startups, establish an inclusive and effective financial infrastructure, expand digital financial services, and ease access to financial services for the informal sector.