Financial inclusion in Egypt has increased by 181 percent over the past eight years, with 71.5 percent of eligible citizens set to gain access to banking services by mid-2024, according to a report by the Central Bank of Egypt (CBE).
The report highlights that the number of citizens with access to transactional accounts — including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards — has reached 48.1 million out of 67.3 million eligible individuals aged 16 and above.
A series of targeted initiatives, including the CBE’s financial inclusion events held six times a year since 2017, have been instrumental in expanding access. These events have waived fees, removed minimum balance requirements, and specifically targeted underserved groups such as women, youth, and persons with disabilities.
As a result of these efforts, the CBE has issued 7.5 million prepaid cards, 2.5 million mobile wallets, and 7.5 million bank accounts. A key initiative supporting smallholder farmers, in partnership with the UN World Food Programme, integrates farmers into the formal financial sector through tailored financial solutions that improve their economic and social capabilities.
Furthermore, the CBE has teamed up with the National Council for Women and the Agricultural Bank of Egypt to promote digital savings and lending groups aimed at increasing women’s financial inclusion. These groups help foster savings, raise awareness about fintech applications, and encourage the use of digital financial services.
The financial inclusion drive aligns with Egypt’s Decent Life initiative, launched in July 2021, which aims to improve living standards for rural populations. The initiative has reached 20 governorates, 52 centers, and 1,667 villages, bringing access to financial services to underserved communities. Since its inception, the initiative has resulted in the installation of 1,254 new ATMs, the opening of 651,900 bank accounts, and the issuance of 993,000 prepaid cards.
The CBE’s emphasis on financial inclusion has also positively impacted Egypt’s broader economic landscape. Between December 2015 and June 2024, financing for micro, small, and medium-sized enterprises (MSMEs) grew by 388 percent. Microfinance portfolios in both banking and non-banking sectors have expanded by over 1,350 percent, thanks to CBE-backed initiatives.
Funding directed to underserved areas has seen significant increases, with facilities in the Delta region growing by 72 percent, and funding in Upper Egypt rising by 59 percent between December 2020 and June 2024. Financing for the industrial sector also rose by 61 percent during this period, reflecting targeted efforts to channel capital into job-creating sectors and reduce unemployment.
As of June 2024, Egypt’s total microfinance portfolio reached 93.2 billion Egyptian pounds (approximately $1.8 billion), marking a significant milestone in the country’s efforts to expand economic opportunities, reduce poverty, and foster inclusive development across the nation.
