CBE raises withdrawal limits for financial inclusion
Financial inclusion accounts are opened with low or no fees. They include essential banking services and provide digital accessibility, making them affordable and accessible to underserved individuals and businesses.
According to the CBE's circular, the daily limits on withdrawals, transfers, and purchases for accounts opened by individuals increased from EGP 60,000 to EGP 90,000. On the other hand, monthly limits for the same accounts increased from EGP 200,000 to EGP 300,000.
For licensed micro-enterprises, the circular stated that the CBE raised daily limits on financial inclusion accounts, prepaid cards, and mobile banking transactions from EGP 80,000 to EGP 120,000 and monthly limits from EGP 400,000 to EGP 600,000.
Furthermore, the central bank increased the daily limits for financial inclusion accounts for unlicensed micro-enterprises, self-employed workers, and freelancers from EGP 60,000 to EGP 90,000 and monthly limits from EGP 200,000 to EGP 300,000.
The circular added that the CBE kept the daily and monthly maximum limits for transactions on prepaid cards and mobile payment services as stated in the circular issued on 15 November 2023.
In 2023, the CBE increased daily limits for individuals' financial inclusion accounts, prepaid cards, and mobile banking from EGP 30,000 to EGP 60,000, with monthly limits rising from EGP 100,000 to EGP 200,000.
For licensed micro-enterprises, daily limits were raised from EGP 40,000 to EGP 80,000, and monthly limits increased from EGP 200,000 to EGP 400,000.
The bank also raised the daily limit for unlicensed micro-enterprises, self-employed workers, and freelancers from EGP 30,000 to EGP 60,000, with monthly limits growing from EGP 100,000 to EGP 200,000.
In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.
In December, the CBE announced that financial inclusion in Egypt had grown substantially as the number of Egyptians holding transactional accounts increased by 181 percent between 2016 and June 2024.
By mid-2024, financial inclusion grew by 71.5 percent, as an estimated 48.1 million Egyptians used transactional accounts. This growth highlights the success of initiatives to empower different societal groups, such as women and small businesses.
Similarly, the number of women with transactional accounts rose from 20.3 million in December 2023 to 20.8 million in June 2024. Since 2016, the number of financially included women has increased by 252 percent, marking a significant milestone in Egypt's financial inclusion efforts.