The number of banked Egyptians soared by 131% between 2016 and mid-2022, according to a survey conducted by the Central Bank of Egypt (CBE).
The survey is part of the CBE's financial inclusion strategy for 2022-2025, which was launched on November 27th, with the aim to set key objectives and priorities for creating financial inclusion in the country.
The survey showed that around 60.6% of Egyptians above the age of 16, which amount to 65.4 million citizens, have bank accounts.
Fifty-two percent of consumers above 16 years use cash in transfers, while 34% receive digital transfers, the survey added.
Moreover, the survey also showed that 11% of adult consumers make payments using digital financial services.
However, data discovers an 8.2% gender gap in transactional account ownership.
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