Egypt has seen a remarkable 181 percent surge in financial inclusion rates between December 2016 and June 2024, as reported by the Central Bank of Egypt (CBE). The number of citizens with financial accounts, including those in banks, Egypt Post, mobile wallets, and prepaid cards, has reached 48.1 million. This represents 71.5 percent of the 67.3 million eligible citizens aged 16 and above by June 2024.
Micro, small, and medium enterprises (MSMEs) have also experienced transformative growth, with funding for MSME projects increasing by 388 percent from December 2015 to June 2024. Financing in the industrial sector grew by 61 percent during the same period. In the Delta governorates, MSME financing increased by 72 percent, while Upper Egypt saw a 59 percent rise between December 2020 and June 2024.
The microfinance sector reported an astounding 1,350 percent growth in funding from December 2016 to June 2024, according to the Egyptian Federation for Financing Medium, Small, and Micro Enterprises. This progress has been driven by state entities’ collaboration, the development of supportive regulatory frameworks, and the introduction of financial products tailored to citizens’ needs.
Since 2017, the CBE has organized six financial inclusion events in alignment with global observances, enabling banks to reach customers outside their branches. These events have promoted services, facilitated account openings without fees or minimum balance requirements, and raised financial awareness.
The CBE also supports the economic and social empowerment of women through the expansion of savings and lending groups in collaboration with the National Council for Women and the Agricultural Bank of Egypt. These initiatives aim to increase women’s savings, improve financial literacy, and encourage the use of financial technology.
In addition, Egyptian banks, under the guidance of the CBE, have been actively involved in the presidential Haya Karima (Decent Life) initiative since July 2021. This program focuses on enhancing public services across 20 governorates, 52 districts, and 1,667 villages, contributing to improved living standards and supporting national development.
