Egypt has come a long way since 2014 when the government embarked on numerous initiatives to draw the unbanked population into formal financial channels. According to the World Bank’s Global Findex, the number of adults with a bank account grew to 33% of Egypt’s population in 2017, more than doubling from 14% in 2014 and tripling from 10% in 2011; market research firm Euromonitor estimated that figure grew to 38% in 2018.1 Bound by a host of Central Bank of Egypt (CBE) regulations governing asset quality and capital adequacy in the banking system, the government has opened up various non-banking channels to grow financial inclusion in Egypt. These have required numerous regulatory overhauls, which the government developed over the past six years.

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