Egypt’s financial inclusion rate sees 5.4% climb in 6 months: CBE
Updated 11/19/2023 2:42:00 PM
Arab Finance: Egypt’s financial inclusion rate among citizens increased by 5.4% during the first six months of 2023, hitting 67.3%, according to a report by the Central Bank of Egypt.
At the end of June 2023, there were 44.6 million Egyptians aged 16 and over with accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards, up from 42.3 million at the end of December 2022.
The report also showed that Egypt issued 30.3 million prepaid cards during the January-June period up from 28.6 million cards at the end of December 2022.
Mobile wallets increased to 34.4 million, while the number of access points, including branches of financial institutions, ATMs, point-of-sale devices, and payment service providers grew to 1,008.
Meanwhile, the number of InstaPay users increased by 71% to 6.5 million customers this November from 3.8 million customers at the end of last June, Deputy Governor of the Central Bank of Egypt (CBE) Ehab Nasr told Asharq Business.
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