Financial inclusion in Egypt reaches 74.8% in 2024

Updated 2/25/2025 1:08:00 PM

Arab Finance: Financial inclusion in Egypt grew further in 2024, with 74.8% of eligible citizens aged 15 and above owning and actively using transaction accounts, the Central Bank of Egypt (CBE) announced.

The number of account holders reached approximately 52 million out of 69.6 million eligible citizens, marking one of the strongest performances among peer countries.

The CBE, in collaboration with the banking sector and relevant authorities, has driven this increase by expanding financial services to women, youth, people with disabilities, and entrepreneurs.

Efforts to simplify account opening have also contributed to the rise.

The financial inclusion rate rose from 70.7% in 2023, reflecting a 204% growth between 2016 and 2024, the statement noted.

This growth was achieved despite an expanding eligible population, following CBE’s decision to lower the minimum age for account holders from 16 to 15, aligning with the age for issuing national IDs.

Women’s financial inclusion also saw significant progress, with 23.3 million women now using transaction accounts out of 33.9 million, representing a 295% increase since 2016.

Meanwhile, the financial inclusion rate for youth, aged 15 to 35, reached 53.1%, growing by 65% between 2020 and 2024.

Regulations allowing individuals and artisans to open accounts using only their national IDs led to nearly 1 million new financial inclusion accounts, along with 400,000 “Economic Activity Accounts” between 2022 and 2024.

The CBE continues to focus on integrating excluded segments into the financial system to ensure accessible, cost-effective services.

Its financial inclusion indicators help track progress and guide policies supporting economic empowerment, aligning with Egypt’s Vision 2030 and the Sustainable Development Goals.

The steady rise in financial inclusion reflects the growing accessibility of financial services, encouraging savings, streamlining transactions, and improving financial security for millions of Egyptians, particularly women and youth.