Latest news with #EgyptPost
Egypt Today
26-02-2025
- Business
- Egypt Today
CBE shares new financial inclusion record, 74% of eligible Egyptians actively using accounts
Cairo – February 26, 2025: 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.
Daily News Egypt
26-02-2025
- Business
- Daily News Egypt
Egypt's financial inclusion rate hits 74.8%, with 52 million using transaction accounts
Financial inclusion rates in Egypt continue to rise, with approximately 52 million citizens now using transaction accounts. The Central Bank of Egypt (CBE) announced on Tuesday that financial inclusion rates had reached 74.8% by the end of 2024, marking a strong performance compared to peer countries. This figure represents the number of Egyptians aged 15 and above who own and actively use accounts – whether with banks, Egypt Post, mobile wallets, or prepaid cards – for financial transactions. The CBE emphasised that the financial inclusion rate only considers citizens who actively use their accounts to manage their finances effectively. This increase has occurred due to the CBE's efforts, in collaboration with the banking sector and relevant stakeholders from ministries and authorities, to achieve economic empowerment for all segments of society, particularly women, youth, people with disabilities (PWDs), and entrepreneurs. The financial inclusion rate of 74.8% by the end of 2024 compares to approximately 70.7% at the end of 2023, reflecting a growth rate of 204% throughout the period from 2016 to 2024. This progress was achieved despite the growth of the citizens' base who are eligible to open accounts, following the CBE's circular to amend the minimum age for youth to open bank accounts from 16 to 15, aligning it with the age for issuing National IDs. Among women, the number using transaction accounts has reached 23.3 million out of 33.9 million, reflecting a growth rate of 295% compared to 2016, with the financial inclusion rate for women reaching 68.8%. The financial inclusion rate of youth (aged 15 to 35 years) has increased to 53.1%, comprising 39.4 million youth, marking a growth rate of 65% throughout the period from 2020 to 2024. The financial inclusion regulations concerned with facilitating account opening for individuals and handicraftsmen using only their National IDs resulted in opening nearly 1 million financial inclusion accounts for individuals, in addition to 400,000 'Economic Activity Accounts' throughout the period from 2022 to 2024. The accounts enabled these individuals to execute their financial transactions within the formal sector. This comes in line with the CBE's directions, to focus on the excluded segments to ensure their access to the financial services with adequate quality, cost and effective usage of these services. The core set of financial inclusion indicators issued by the CBE plays a vital role in monitoring the progress of financial inclusion rates effectively, as well as enabling the development of supportive policies to achieve the economic empowerment of citizens as part of the efforts on the national level, aligning with Sustainable Development Goals and Egypt's Vision 2030. The growth of financial inclusion rates in Egypt over the past years reflects an increase in the citizens' benefits of financial services that are suitable for them, encouraging savings, facilitating financial transactions with reduced time and cost, and ensuring the availability of services anytime and anywhere. This contributes to improving the livelihoods of citizens, as well as promoting the economic empowerment of women and youth.
