Female financial inclusion also saw a significant jump, climbing 171% by the end of 2021 compared to 2016
Financial inclusion in Egypt is reaching record highs revealed the Central Bank of Egypt (CBE), recording a growth rate of 115% in the past six years as digital transformation and financial inclusion continue to be top concerns for the government.
Part of a released set of financial inclusion indicators, the CBE revealed that the number of financial access points, which include branch networks of banks, Egypt Post, Microfinance Institutions, ATMs, points of sale (POS), and payment service providers hit 1,037 per 100,000 adults.
As part of Egypt’s 2030 Vision, Egypt has implemented a holistic strategy to transform and modernize the country’s financial services in order to reduce the number of unbanked citizens and move towards a cashless society.
About 50% of Egypt’s economic sectors are not included in banking services, and the CBE is currently working to involve these sectors through non-financial services, CBE Deputy Governor for Financial Inclusion Sherif Loqman stated in March.
The report, seen below, effectively contributes to a good understanding of the Egyptian market and the consumers’ behavior explained CBE, and measures the level and trends of financial services and products’ outreach to all segments of society to attain sustainable growth and economic stability, and empowering citizens.
The CBE noted that the total ownership of transactional accounts; including all type of accounts at banks, Egypt Post, mobile wallets, and prepaid cards; reached 36.8 million citizens, representing 56.2% of 65.4 million eligible adults (+16 years old) by the end of 2021.
Female financial inclusion also saw a significant jump, climbing 171% by the end of 2021 compared to 2016.
Total number of prepaid cards increased to an average of 39,883 cards per 100,000 adults, while the number of mobile wallets reached 38,505 wallets per 100,000 adults.
In March, the CBE launched March the National Instant Payment Network and InstaPay mobile application, which allows clients to process electronic fund transfers instantly, seamlessly, and at any time.