Mohamed El-Etreby, who heads both the Union of Arab Banks and the Federation of Egyptian Banks, shared some exciting news! He confirmed that Egypt's banking sector has made incredible progress in financial inclusion, becoming a standout regional example in recent years. Speaking at the opening of the "From Financial Inclusion to Inclusive Growth" conference on Monday, El-Etreby explained that financial inclusion rates in Egypt have jumped to 76.6%. Even better, financial inclusion among young people has reached 56.8%, thanks to broad policies aimed at bringing more people into the formal financial system. He also pointed out that about 9.8 million new bank accounts have been opened over the past eight years. This really shows how many more people are engaging with the banking sector and how much trust they have in official financial services. When it comes to digital transformation, El-Etreby highlighted a huge leap in mobile phone wallet usage. By the end of 2025, Egypt is expected to have around 60 million e-wallets, with total transactions hitting an incredible 4 trillion Egyptian pounds! He added that roughly 19 million young people now own e-wallets, which clearly shows how quickly digital solutions are being adopted for everyday transactions, especially among the youth. Finally, the head of the Federation of Egyptian Banks emphasized how important it is for Arab banks to work together to boost financial inclusion efforts, especially with the economic challenges facing the region. He stressed that banking integration is a key driver for achieving comprehensive and sustainable growth.
Tags
Related editorial
MIS Teams Up with Saudi Fransi Capital to Power Up Saudi Arabia's Data Centers
MIS (Al Moammar Information Systems) and Saudi Fransi Capital are joining forces to explore building three major new data centers in Riyadh, Dammam, and Jeddah. MIS will handle the development, design, and management of these facilities, which aim to add a significant 48 megawatts of capacity to Saudi Arabia's digital infrastructure, supporting the nation's digital transformation goals.
REVYN Launches UAE's First Resale Platform with No Seller Fees
Get ready for REVYN, a new platform now live in the UAE on iOS and Android! It lets users easily buy and sell pre-owned items directly. What's really cool is that sellers pay absolutely no commission, making it the first model of its kind in the UAE market and a big win for sustainable living.
Paymob and UnionPay Team Up to Expand Digital Payments Across Egypt, Boosting Global Connections
Exciting news for Egypt's digital payment landscape! Paymob and UnionPay have joined forces to significantly expand UnionPay card acceptance at over 160,000 locations across the country. This fantastic partnership is set to make cross-border payments smoother, giving a big boost to tourism and digital commerce in Egypt.
FRA Dispels Rumors: Non-Banking Financial Companies' Branches Remain Open
The Financial Regulatory Authority (FRA) has debunked recent social media rumors claiming the closure of non-banking financial company branches. The FRA clarified that the decision being circulated is an old one, dating back to October 2025, and specifically does not apply to the non-banking financial companies mentioned in the rumors. The authority assures the public that the sector is operating as usual.