Saudi Press

Saudi Arabia and the world
Sunday, Jun 22, 2025

Financial inclusion in Egypt touches 65% of its adult population in 2022

Financial inclusion in Egypt touches 65% of its adult population in 2022

Financial inclusion is gaining prominence in Egypt as total ownership of transactional accounts reached 64.8 percent of the total 65.4 million eligible adult population at the end of 2022, reported the Central Bank of Egypt.
According to the central bank report, financial inclusion surged 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts such as Egypt Post accounts, mobile wallets and prepaid cards.

The released indicators showed an upsurge in the number of women who own a transactional account, recording 18.3 million women by the end of 2022 — a 210 percent rise compared to 2016.

Mobile wallets and prepaid cards primarily led to the increase. Between 2020 and 2022, mobile wallets grew by 54 percent, while prepaid cards rose by 31 percent.

The total number of prepaid cards jumped to an average of 43,800 cards per 100,000 people, while mobile wallets reached 46,500 per 100 thousand citizens.

In addition, access points from branches, ATMs, points of sale and payment service providers surged 107 percent to reach 1,214 access points in the past two years.

Tracking the level and trends of financial inclusion aids in developing policies that support the economic empowerment of locals, reported the central bank in its release.

The promising indicators lie “within the framework of the efforts exerted at the state level toward achieving economic empowerment for all citizens,” stated the CBE.

The bank further added that monitoring such progress will help the Egyptian government “attain sustainable growth and economic stability, in alignment to the sustainable development goals and Egypt’s vision 2030.”

Nevertheless, Egypt’s external financing needs are standing in the way of its economic development. They may hinder its medium-term growth, according to a report published by Morgan Stanley last month.

“Egypt has favorable prospects for medium-term growth, but the large external financing needs weigh on the macroeconomic outlook,” said the report.

Even though the continuous depreciation of the Egyptian pound since 2022 will aid in shrinking the current account deficit, there is a limited recovery in its official reserves.

The report attributed this to the uncertainty around the rate of reform and the tightening of financial conditions in the global economy, which will likely limit foreign direct investment flows.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
×