announce central bank Al-Masry stated that on the occasion of Labor Day and Eid Al-Fitr, it was decided to suspend work in all banks operating in Egypt from Sunday, May 1, 2022, until Thursday, May 5, 2022, and that work will resume on the morning of Sunday, May 8, 2022.
On the other hand, the indicators announced by the Central Bank earlier today showed a significant increase in financial inclusion rates during the past six years, achieving a growth rate of 115 percent, bringing the total of citizens who have accounts that enable them to conduct financial transactions – which include accounts in banks or the post. Egyptian citizens, or mobile phone wallets or prepaid cards – to 36.8 million citizens, equivalent to 56.2% of the total citizens 16 years and over, who number 65.4 million citizens.
In terms of women’s financial inclusion, indicators showed a jump in the number of women who own financial accounts, reaching 16 million women at the end of 2021, with a growth rate of 171% compared to 2016.
The number of prepaid cards jumped to 39,883 cards per 100,000 citizens, while the number of phone wallets reached 38,505 wallets per 100,000 citizens.
Indicators indicate the development of the number of financial access points – which includes bank branches, Egypt Post, microfinance institutions, in addition to automated teller machines, electronic points of sale and payment service providers – to reach 1037 points per 100,000 citizens.
It is noteworthy that the issuance of the main indicators of financial inclusion by the Central Bank effectively contributes to a good understanding of the Egyptian market and the behavior of citizens, which helps to develop policies that support their economic empowerment.
