Egypt’s Financial Inclusion Surges 181% in Eight Years
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Hashim Sheikh - . December 16, 2024
- . Update: December 16, 2024 8:02 pm
Egypt has demonstrated an impressive improvement of the financial accessibility and this is realized through the recent Central Bank of Egypt data puts the country’s financial inclusion at 181 % higher than it was eight years ago. Such percentages have risen to, 71.5% by mid 2024 with more than 48.1 million of the 67.3 million citizens of 16years and above having been given Banking facilities.
Central Bank has achieved these results through its key strategic objectives: The bank has been holding periodic financial inclusion days in which fees are dropped and no minimum balance is charged. Such efforts have achieved 7.5 million prepaid cards, 2.5 mobile money and 7.5 million bank accounts. Targeted programmes for working with the holders of small plots of land, cooperation with the UN World Food Programme and financial initiatives of women are important for the diversification of population groups with economic opportunities.
It was given by June 2024 Microfinance portfolio in Egypt amounts to 93.2 billion Egyptian pounds ($1.8 billion.), as for financing to micro, small and medium enterprises it has enhanced by an impressive 388%. The vibrant growth indicates that the country is serious with the fight against poverty through developing a diversified and sustainable financial framework.
