Financial inclusion grows by 147% to 42 million citizens during 2016-2022
The Central Bank of Egypt said that the total number of citizens who own financial accounts amounted to 42.3 million, with a growth rate of 147% during the period from 2016 to 2022, as Egypt seeks to expand financial inclusion.
The Central Bank of Egypt added, in a statement today, Saturday, that the number of citizens who have bank accounts, whether in banks or the Egyptian Post, or own mobile phone wallets or prepaid cards, is equivalent to 64.8% of the total number of citizens in the age group of 16 years or more. 65.4 million.
In terms of women’s financial inclusion, indicators showed a boom in the number of women who own financial accounts, reaching 18.3 million women at the end of 2022, with a growth rate of 210% compared to 2016.
The Central Bank revealed an increase in the number of prepaid cards to 43.8 thousand cards per 100 thousand citizens, with a growth rate of 31% during the period from 2020 to 2022, while the number of mobile phone wallets reached 46.5 thousand wallets per 100 thousand citizens, with a growth rate of 54% during the same period. .
The indicators also indicate the development of the number of financial access points – which include bank branches, Egyptian Post, and microfinance institutions, in addition to automated teller machines, electronic points of sale, and payment service providers – to reach 1214 points per 100,000 citizens, with a growth rate of 107%. % during the period from 2020 to 2022.
Egypt launched a strategy for financial inclusion in 2016, with the aim of providing financial services, banking and non-banking, to all segments of society.