Within the framework of the efforts exerted on a national level to support the economic empowerment of citizens and Micro, Small and Medium enterprises (MSMEs), and in line with the Sustainable Development Goals (SDGs) and “Egypt’s Vision 2030”, the Central Bank of Egypt formulated the Financial Inclusion Strategy (2022-2025), with the aim of the promotion of financial inclusion and the achievement of economic growth in Egypt.
The Financial Inclusion Strategy was developed on a scientific foundation, based on the results of the financial services demand-side survey, conducted on a nationally representative sample covering individuals, Micro, Small and Medium enterprises (formal and informal sectors) in cooperation with the Central Agency for Public Mobilization and Statistics (CAPMAS), and with the technical support of the European Union (EU) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). This collaboration reflects CBE’s strategic partnership with various development partners.
The Financial Inclusion strategy is based on four key pillars that shall be pursued in a sustainable manner:
The Financial Inclusion Strategy (2022-2025) emphasizes the Central Bank of Egypt’s eagerness to cooperate with all state authorities, in order to provide useful and affordable banking services to all segments of society –– in addition to empowering them economically, while ensuring appropriate governance of banking institutions, promoting sustainable economic growth, and monitoring the level and trends of access to financial services for citizens and MSMEs using a defined set of internationally recognized indicators.
The strategy comes as part of the continued efforts exerted by the Central Bank of Egypt – including initiatives and projects – to promote financial inclusion in Egypt over the previous years, whereby the inclusion rates have improved from 33% in 2017, to 56.2% by the end of 2021.
