Egypt’s financial inclusion rate hits 70.7% end-2023: CBE

REUTERS

The number of financially included women rose to 20.3 million in 2032 out of 32.3 million

Staff Writer, Arab Finance

February 28, 2024

PHOTO

Egypt’s financial inclusion rate surged to 70.7% at the end of 2023, up from 64.8% in December 2022, with an overall growth rate of 174% over the period from 2016 to 2023, according to the Central Bank of Egypt (CBE).

The number of adults aged, 16 years and above, with transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards, reached nearly 46.9 million out of 66.4 million, the data showed.

The number of financially included women rose to 20.3 million in 2032 out of 32.3 million, with a growth rate of 244% since 2016 and an inclusion rate of 62.7%.

Furthermore, the financial inclusion rate for youth, including individuals aged 16 to 35, reached 36.6 million citizens, registering 51.5%, with a growth rate of 48.5% from 2020 to 2023.

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