74% of eligible Egyptians actively using bank accounts

The Central Bank of Egypt (CBE) has announced a major achievement in the country’s financial inclusion efforts, with 74.8 percent of Egyptians aged 15 and above now actively using financial accounts.

By the close of 2024, around 52 million Egyptians will be managing their finances through platforms like banks, Egypt Post, mobile wallets, or prepaid cards.

This marks a significant leap in financial inclusion, driven by several years of strategic initiatives and collaborative efforts.

This 74.8 percent inclusion rate represents a notable improvement from 2023, when the rate was 70.7 percent. The increase demonstrates a 204 percent rise in financial inclusion between 2016 and 2024, despite a growing number of eligible citizens.

The CBE attributed much of this progress to the reduction of the minimum account-opening age from 16 to 15 years, which opened up access to financial services for Egypt’s youth population.

Financial inclusion among women has seen a pronounced increase, with 23.3 million women now holding active accounts by the end of 2024.

This represents a 295 percent growth since 2016, and the financial inclusion rate for women has risen to 68.8 percent. Efforts to empower women financially, particularly through tailored policies and campaigns, have been central to this achievement.

The financial inclusion rate for youth (aged 15 to 35 years) has also grown significantly. Reaching 53.1 percent, this marks a 65 percent increase from 2020 to 2024. These efforts were supported by policies aimed at encouraging youth participation in Egypt’s formal financial sector.

In line with the CBE’s initiatives, financial inclusion regulations have streamlined account openings. The use of National IDs for opening accounts has allowed individuals, including handicraftsmen, to participate in the formal financial sector.

Over 1 million financial inclusion accounts have been opened between 2022 and 2024, along with 400,000 economic activity accounts, designed to facilitate financial transactions for underserved groups.

The CBE's financial inclusion success has been bolstered by ongoing collaboration with key stakeholders, including government ministries, regulatory authorities, and the private sector.

This teamwork aims to provide economic empowerment for all Egyptians, with a particular focus on women, youth, people with disabilities (PWDs), and entrepreneurs.

As part of these efforts, the CBE has also partnered with international organizations such as the European Union and GIZ Egypt, launching campaigns to boost financial literacy and further integrate underserved populations into the formal financial system.

Looking forward, Egypt remains committed to expanding its financial inclusion efforts, with a focus on digital financial services and empowering underrepresented communities. The government’s broader initiatives, such as the "Decent Life" (Hayah Karima) program, have already improved financial access in rural areas, with over 650,000 new bank accounts opened by mid-2024.