CBE: Monthly Transactions through Mobile Wallets Surged to EGP100 Bn in June 2023

The Egyptian Central Bank has revealed a notable surge in the volume of monthly transactions through mobile wallets, reaching EGP 100 bn in June 2023, marking a remarkable 152% annual growth rate.

In a recent report issued by CBE, it was highlighted that the number of mobile wallet holders increased by 20% annually, reaching a total of 34 million electronic wallets by the end of June 2023.

Furthermore, the report indicated that approximately 85 million transactions were conducted through mobile wallets during the past month, showing a significant growth rate of 130% on a yearly basis.

The report also acknowledged the rise in the number of electronic wallet service providers in Egypt, totaling 30 entities, including telecommunication companies and 23 banks.