Rate of financially included citizens rises to 71.5% in June: CBE

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The Central Bank of Egypt announced that 71.5% of citizens are financially included and are eligible to open financial transaction accounts, up from approximately 70.7% in December 2023, as per the latest data.

This represents an increase to 48.1 million people out of 67.3 million aged 16 and above.

The rise is attributed to the CBE’s ongoing efforts to enhance financial inclusion, with collaboration from various ministries and authorities.

These initiatives focus on making banking services more accessible, especially for women, youth, people with disabilities, and entrepreneurs.

The number of women with transaction accounts has also grown, reaching 20.8 million or 63.4% in June 2024, compared to 62.7% in December 2023.

This increase follows projects and partnerships with the National Council for Women and other government bodies aimed at improving women's financial inclusion and economic empowerment.

Youth financial inclusion has also seen progress, with the rate rising to 51.7% in June 2024, up from 51.5% in December 2023.

This reflects efforts to support young people, including allowing account openings from age 16 and providing economic activity accounts for artisans.

Overall, Egypt’s financial inclusion rates have surged by 181% from 2016 to June 2024, highlighting significant growth in the use of financial services.