Egypt has achieved a 74.8% financial inclusion rate by the end of 2024, with 52 million people utilizing transaction accounts. This represents a substantial increase from 2023’s 70.7%. The growth is driven by efforts from the Central Bank and collaborations targeting marginalized groups, particularly women and youth, resulting in improved access to financial services and economic empowerment.
Egypt’s financial inclusion rate has reached 74.8% by the end of 2024, with 52 million citizens utilizing transaction accounts. According to the Central Bank of Egypt (CBE), this reflects a significant improvement compared to the previous year’s rate of 70.7%, indicating a growth of 204% from 2016 to 2024. This increase encompasses individuals aged 15 and above who actively use various financial accounts, including banks and mobile wallets.
The rise in financial inclusion is largely attributed to collaborative efforts between the CBE and the banking sector, aimed at economic empowerment for marginalized groups. Programs targeting women, youth, people with disabilities, and entrepreneurs have been particularly effective. Women represent a substantial portion of this growth, with 23.3 million actively using accounts, marking a financial inclusion rate of 68.8%.
Youth participation in financial inclusion has also seen progress, with 39.4 million individuals aged 15 to 35 constituting a financial inclusion rate of 53.1%. This represents a 65% increase from 2020 to 2024. Notable regulatory changes, such as lowering the minimum age for opening bank accounts from 16 to 15, have expanded eligibility.
Additionally, reforms have facilitated the opening of nearly 1 million financial inclusion accounts and 400,000 “Economic Activity Accounts” from 2022 to 2024. These accounts allow individuals to engage in formal financial transactions using solely their National IDs. These measures align with the CBE’s strategy to provide quality financial services while addressing the needs of previously excluded populations.
The CBE’s financial inclusion indicators are crucial for tracking progress and guiding policymaking to empower citizens economically. This initiative contributes to Egypt’s broader goals under the Sustainable Development Goals and Vision 2030. The ongoing growth in financial inclusion is improving citizens’ access to beneficial financial services, fostering savings, and enhancing transaction efficiency while ensuring availability and accessibility of services.
Egypt’s financial inclusion initiatives have resulted in a notable increase in citizens using financial services, especially among women and youth. With significant growth in account ownership and active usage, the Central Bank’s efforts are paving the way for greater economic empowerment. This progress aligns with Egypt’s national development strategy, contributing to improved livelihoods and enhanced access to essential financial resources.
Original Source: www.dailynewsegypt.com
