Egypt

Egypt has weathered recent storms of political unrest and austere economic reforms; however, it has exacerbated gender gaps that necessitate more gender-focused financial inclusion work countrywide.

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Political unrest and decline in tourism has stymied economic opportunity

Inflation rose sharply after 2016, reaching 32.5% by March 2018

Political unrest and decline in tourism has stymied economic opportunity

Inflation rose sharply after 2016, reaching 32.5% by March 2018

14th Largest Population

25% still live below poverty line

Female labor force participation has been stagnant

22%

Compare to men

74%

High unemployment, especially among women (22.5%) and youth (42%)


Gender discrimination and violence continue to hinder women’s economic progress (99% of women report sexual harassment)

Improvement in financialinclusion1 from 10% to

33%2017


Increase in women’s financialinclusion2 from 7% to

23%

However, gender gap has doubled from 6% to 12%

25MM Unbanked/Underbanked Women

23MM (73%) unbanked adult women

1.8MM (19%) underserved adult women

High mobile phone penetration (96MM subscribers for 90MM people)


Growing mobile money space (8MM registered accounts), but usage is limited

Financial ServiceProviders

Banks have traditionally focused on corporatesbut a few are looking down-market MFIs are growing but cannot offer full suite ofproducts (e.g., deposits) New players (e.g. FinTech) are emerging Other FSPs such as Nasser Social Bank and EgyptPost have wide reach and trust

Government

Efforts focused on awareness, geographicexpansion to Upper and Lower Egypt, along withrural areas In 2017, CBE defined Financial InclusionRoadmap, with gender as a key pillar Strategy for Women 2030 also seeks to empowerwomen economically Nascent regulatory environment,particularlyaround digital economy

23MM women (73%) remain unbanked and 1.8MM women have accounts that have not been used in the last 12 months

THE OPPORTUNITIES

1

Increase access to savings / e-money accounts

2

Increase access to microinsurance

3

Build a national awareness campaign

4

Engage financial service providers and demonstrate business case to target unbanked and underserved women

Increased FinTech activity in what has been a cash-based society, the government’s sustainable development goals for 2030, and the fastest growing startup ecosystem in the Middle East all present opportunities for initiatives that include more Egyptians—particularly women—in the coming years. From women-focused financial products and services, to a broader awareness campaign that articulates the importance of women’s financial inclusion, Women’s World Banking is eager to drive change in Egypt.

1. World Bank Findex 2017 Data2. World Bank Findex 2017 Data