Mohamed El-Etrebi, the head of the Arab Banking Federation and the Egyptian Banking Association, stated that the Egyptian banking sector has made substantial achievements in financial inclusion, asserting that it has become a model to be emulated in this sector. This was mentioned during his speech at the opening of the conference titled "From Financial Inclusion to Comprehensive Growth," held on Monday.
El-Etrebi pointed out that financial inclusion rates in Egypt have reached 76.6%, with the rate among Egyptian youth currently at 56.8%. He also added that 9.8 million bank accounts have been opened over the past eight years, reflecting the government's efforts to enhance access to financial services.
Details of the Event
El-Etrebi highlighted the significant surge in reliance on mobile wallets, with the number of wallets expected to reach 60 million by the end of 2025. He noted that the total transactions of these wallets are projected to hit 4 trillion pounds, indicating a major shift towards digitization in the financial sector.
Additionally, he mentioned that there are 19 million young people who own electronic wallets, demonstrating the increasing use of financial technology among the youth demographic.
Background & Context
This announcement comes at a time when Egypt is witnessing intensified efforts to promote financial inclusion, as the government aims to integrate as many citizens as possible into the formal financial system. Numerous initiatives have been launched to encourage the use of digital banking services, making it easier for individuals to access financial services.
These steps are part of Egypt's Vision 2030, which aims to achieve sustainable development and enhance the national economy by improving access to financial services.
Impact & Consequences
The achievements in financial inclusion are a positive indicator of Egypt's ability to achieve sustainable economic growth. Moreover, the increased use of mobile wallets may contribute to reducing the financial gap among different segments of society.
These developments underscore the importance of cooperation among Arab banks in the field of financial inclusion, especially amid the challenging circumstances facing the region. Such efforts can help bolster financial and economic stability in Arab countries.
Regional Significance
Egypt's experience in promoting financial inclusion serves as a model for the Arab region. It can inspire other countries to adopt similar strategies to enhance access to financial services.
Given the economic challenges faced by many Arab nations, promoting financial inclusion can be a crucial factor in achieving stability and growth.
In conclusion, these achievements reflect Egypt's commitment to enhancing financial inclusion and expanding the base of beneficiaries of financial services, contributing to sustainable development.