Financial Inclusion in Egypt: A Growing Trend

The Central Bank of Egypt launched the Financial Education and Inclusion Project in 2014, which has gained significant traction at the local level. Banks have actively participated, offering a range of financial inclusion services to cater to the diverse needs of all segments of society.

After implementing the strategic plan for financial inclusion, the Central Bank of Egypt's latest report in June 2024 highlighted remarkable progress. The percentage of financially included citizens (16 years and over) reached 71.5% in June 2024, reflecting a growth rate of 181% from 2016.                                                                                                                      

Egyptian women have made significant strides in financial inclusion, with the number of women receiving financial services increasing from 5.9 million in 2016 to 20.8 million in 2024. Women's ownership of bank accounts tripled during this period. Egypt has promoted financial inclusion through various initiatives. For instance, 39.4 million Egyptians, including 31% of women, own mobile wallets.

Akram, a foreigner who has been living in Egypt for two years, has discovered the benefits of using Vodafone Cash, an electronic wallet service provided by Vodafone Telecom. For him, it has become a practical and accessible financial tool that simplifies daily transactions. One of the key advantages Akram enjoys is the ability to link the wallet directly to his bank account, making recharging quick and straightforward. He emphasizes the convenience of using the wallet for various financial transactions, including bill payments, online purchases, and domestic money transfers.

Vodafone Cash offers even greater flexibility, particularly for individuals who may not have a bank account. Users can easily link the wallet to their phone numbers and national ID numbers, enabling them to recharge through a variety of methods, including at Vodafone outlets, ATMs, or through other supported channels. This versatile platform has proven to be a reliable and inclusive financial solution, especially for those who need an alternative to traditional banking services.

Waseem, an Egyptian citizen living in Cairo, shares his experience with prepaid cards. He finds them to be an invaluable tool for managing his finances, helping him avoid carrying large sums of cash while controlling daily expenses. He appreciates the ease of using prepaid cards for online purchases from global platforms like Alibaba and Amazon and for payments at various points of sale.

In conclusion, both Akram and Waseem have benefited from the advancements in financial inclusion in Egypt. The availability of electronic wallets and prepaid cards has made financial transactions more convenient, accessible, and secure for a broad spectrum of individuals.