The Central Bank of Egypt (CBE) has issued the main indicators of financial inclusion for the year 2023, which highlighted remarkable progress in financial inclusion rates in Egypt.
On its official website, CBE said that the Financial Inclusion Datahub indicators showed a significant increase; the percentage of financially included Egyptians of 16 years and above rose significantly to 70.7 per cent at the end of 2023, compared to 64.8 per cent at the end of 2022. This meant a growth rate of 174 per cent during the period from 2016 to 2023.
The upsurge in the financial inclusion rate was driven by nee financial products offered by the banks, also by banks’ participation in a number of initiatives and projects that target the inclusion of different customer segments in the banking sector. Financially included women increased to 62.7 per cent, and financially included youth aged 16 to 35 rose to 51.5 per cent.
Watani International
5 March 2024