Over 42 mln Egyptians have money accounts

The overall number of Egyptians who now have accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards has reached 42.3 million, which represents 64.8 percent of Egyptians above the age of 16 (65.4 million citizens), added the CBE.

The CBE also reported that the number of women with money accounts increased to 18.3 million, a 210 percent increase from 2016.

Between 2020 and 2022, the numbers of prepaid card users in Egypt grew to 430,800 cards per 100,000 people, a 31 percent increase.

The number of mobile phone wallets reached 46,500 per 100,000 people, a 54 percent increase.

The CBE also revealed that the nationwide financial access points, which include bank and Egypt Post branches, microfinance organisations, ATMs, electronic points of sale and payment service providers, increased to 1,214 per 100,000 people, representing a 107 percent growth from 2020

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

It is a cornerstone of Egypt Vision 2030 and is a key engine for achieving the vision's sustainable development goals, especially those related to creating a competitive and diversified economy.

The inclusion indexes contribute to the development of services and financial products, with the release of such indexes meant to promote sustainable growth and economic stability, the CBE said in its statement.

In November 2022, the CBE launched its financial inclusion strategy for 2022-2025, which sets key objectives and priorities for creating financial inclusion in the country.

The strategy aims to protect the rights of clients and boost confidence in the Egyptian banking sector; promote a culture of financial inclusion; uplift the financial capabilities of citizens, companies and projects; encourage entrepreneurship and startups and establish an inclusive and effective financial infrastructure.

It also targets expanding digital financial services and easing access to financial services for the informal sector, bringing them into the formal economy.