CBE: African Financial System Expects 12% Growth in Financial Services in Egypt by 2025

A report by Fintech Egypt initiative, a subsidiary of The Central Bank of Egypt, revealed that African financial system's expectation of a 12% growth in financial services in Egypt by 2025.

The report indicated that fintech and digital financial services sector is the highest sector attracting venture capital investments, accounting for 18% of total investments in the past year.

The number of internet banking users reached 14.4 million, along with an increase in mobile banking users to 13.2 million by the end of 2022.

The report also highlighted that 88% of customers used at least one payment method, and 24% of customers used Quick Response (QR) code services in the past year. Furthermore, 27% of customers utilized digital money transfer applications.

Additionally, the report stated that the percentage of mobile phone service subscribers rose to 94.16% of the total population in 2022, with 72% of the population using the internet. Financial inclusion also increased to 64.8% (16 years and older) among 42.3 million people.

Regarding financial inclusion among women (16 years and older), the report indicated a rate of 57.5%, with a total of around 18.3 million women.

The report emphasized that Egypt ranks 89th in the Global Innovation Index and 14th out of 36 countries with lower middle-income levels in terms of infrastructure, knowledge, and technology. Additionally, it holds the 34th position in terms of venture capital inflows.

Egypt was also listed among top 100 countries in the global emerging fintech systems. Furthermore, African fintech ecosystem ranks second in Africa in attracting venture capital and is among the top 4 African countries as the most attractive destinations for African venture capital.