CAIRO – The Central Bank of Egypt (CBE) has announced the main indicators for financial inclusion in 2023, noting that the financial inclusion rates went up to 70.7 per cent by the end of 2023 against 64.8 per cent one year earlier.
The bank said in a statement on Thursday that the number of citizens, aged 16 or above, who have accounts in banks, Egypt Post, mobile phone wallet and prepaid cards hit some 46.9 million with a growth rate of 174% during the period from 2016 to 2023.
The financial inclusion rate among women has increased by 244 per cent compared with the rates of 2016 to record 62.7 per cent, the note added.
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.
In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.
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