Egypt’s financial inclusion rate hits 64.8% end-2022: CBE
Updated 4/9/2023 7:55:00 AM
Arab Finance: The financial inclusion rate in Egypt has reached 64.8% at the end of 2022, according to the core set of indicators released by the Central Bank of Egypt (CBE).
The indicators showed a 147% growth rate in financial inclusion rates during the period from 2016 to 2022, bringing total ownership of transactional accounts to 42.3 million citizens, representing 64.8% of the total 65.4 million eligible adults.
It is worth noting that transactional accounts include bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
Moreover, the number of females who has a transactional account grew by 210% to 18.3 million women at the end of 2022, as compared to 2016.
As per the indicators, the total number of Prepaid Cards rose to an average of 43,800 cards per 100,000 citizens, marking a growth rate of 31% during the period from 2020 to 2022.
Meanwhile, the number of Mobile Wallets reached 46,500 wallets per 100,000 adults, implying an increase of 54% for the same period.
The number of financial access points, including banks’ network of branches, Egypt Post, Microfinance Institutions, ATMs, POSs, and Payment Service Providers, has reached 1,214 points per 100,000 citizens, indicating a growth rate of 107% during the period from 2020 to 2022.
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