Egypt achieves 74.8% financial inclusion through strategic central bank policies
The CBE attributed this progress to ongoing collaboration with key stakeholders — banks, government ministries, and regulatory authorities — working towards economic empowerment for women, youth with disabilities (YwD), and entrepreneurs.
These efforts have been bolstered by the financial literacy campaign launched on 24 December 2024 in partnership with the European Union (EU), GIZ Egypt, and the Egyptian Banking Institute.
Between 2016 and 2024, financial inclusion in Egypt grew by 204 percent despite the barriers posed by an expanding eligible population. A key catalyst driving this transformation was reducing the minimum account-opening age from 16 to 15 years, ushering in unprecedented access for the nation's youth.
Meanwhile, women’s financial inclusion registered a pronounced advancement, with 23.3 million women holding active accounts by the end of 2024 — a 295 percent increase since 2016. The financial inclusion rate among women reached 68.8 percent.
Youth financial inclusion, targeting the 15–35 age bracket, also spiked, reaching 53.1 percent, a 65 percent increase since 2020. Focused policies, efforts, and initiatives designed to attract youth participation in Egypt’s formal monetary system were a significant drive.
Way up to financial inclusion!
A diverse lineup of programmes and policies underpins Egypt’s recent financial inclusion success. Chief among these are measures allowing streamlined account registrations using national IDs, with the minimum age mitigated to 15. This has spurred the groundwork for one million financial inclusion accounts and 400,000 economic activity accounts in just two years, between 2022 and 2024.
Collaborations between private sector players like Mastercard, Banque Misr, and Money Fellows also played a role. In December 2024, these stakeholders unveiled a prepaid card using the Rotating Savings and Credit Association (ROSCA) model. ROSCA is an inspired measure designed to arm underserved and financially inexperienced individuals with vital instruments for saving, spending, and leveraging credit.
The inclusion campaign is part of the broader "Strengthening Financial Inclusion and Banking Supervision in Egypt" initiative, which commenced in November 2018. The initiative aligns with Egypt Vision 2030 and Sustainable Development Goals, working towards advancing financial equity and systemic modernization across the country.
The Egyptian Banking Institute’s (EBI) preliminary work in financial literacy acted as a springboard and a complementary force, amplifying the scale and ambition of subsequent initiatives.
In 2024, EBI launched its financial literacy hub, a digital platform offering e-learning programmes, educational videos, and booklets to spread economic literacy catered to adults, youth, and entrepreneurs.
Hayah Karima initiative, MSMEs support
The Decent Life (Hayah Karima) initiative, launched in 2021, has significantly improved financial access across Egypt’s rural landscapes. By mid-2024, it led to establishing 17 new bank branches, opening 651,900 new bank accounts, and installing over 1,200 ATMs. The initiative also introduced QR codes and POS systems, facilitating digital transactions for local communities.
Micro-, small-, and medium-sized enterprises (MSMEs) have stood at the epicentre of the CBE’s strategic agenda. Between December 2015 and June 2024, amenities for MSMEs grew by 388 percent. Microfinance portfolios also expanded over 1,350 percent, benefiting 4.6 million individuals, up from two million in 2016.
Targeted efforts of this scale have become linchpins of fiscal empowerment, carving out avenues for tackling unemployment – notably for women and youth in Egypt’s vulnerable areas.
Towards a financially inclusive future!
Looking ahead, Egypt remains resolute in pursuing expanded digital financial services and empowering underrepresented populations.
While unmasking the ROSCA prepaid card, Ahmed Eissa, deputy CEO of Banque Misr, highlighted how these efforts align with Egypt’s broader mission of digital innovation and inclusive prosperity.
Through intentional alliances and refined progressive blueprints, Egypt is poised to further cement its standing as a regional leader in financial inclusion.