Egypt’s banking system ranks third among Arab banking sectors, of which it represents 13% of its total assets, up from 8% in 2017.
The Egyptian banking sector has been growing at an amazing rate of 130% over the course of 5 years, even the CoronaVirus pandemic didn’t stop its growth, a report by the Union of Arab Banks (UAB) said.
Over the past 5 years, from 2017 to 2022, the banking sector in Egypt tripled in size, with assets passing the 10.5 trillion Egyptian Pounds level up from 4.5 trillion Egyptian Pounds.Especially between 2020 and 2021, despite the difficulties of the pandemic, the sector grew by 20%, a unique achievement among the Arab countries.
In Egypt, the sector’s assets represent 135% of the national GDP, and has taken great steps to get there, including increasing the number of branches to surpass 4500 branches, and adding more than 10,700 ATMs to reach a total of 21,459 machines. The sector also worked on boosting their capital bases to be more resilient to global changes.
Egyptian banks also took steps for risk management, increasing quality of their assets, and diversifying credit portfolios. With the new year, the sector is aiming at more financial inclusion, increasing services and products and adapting them to the needs of the Egyptian people and businesses.