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Summary of Financial Inclusion Through Digital Financial Services and Fintech in Egypt

Core Content

This case study explores Egypt's experience in leveraging digital financial services (DFS) and fintech to advance financial inclusion. It outlines the initiatives, challenges, and future efforts undertaken by the Central Bank of Egypt (CBE) to promote a more inclusive and digital financial ecosystem.

Main Objectives

• To document Egypt's use of new technologies and fintech in achieving financial inclusion.
• To highlight the role of CBE in shaping the regulatory and operational landscape for DFS.

Key Points

Context and Background

• Financial inclusion is a national priority under Egypt's Vision 2030.
• CBE plays a central role in promoting financial inclusion, alongside its responsibility for maintaining a stable financial system.
• Egypt is a member of the Alliance for Financial Inclusion (AFI) and has been actively involved in global and regional financial inclusion initiatives.

Financial Inclusion Metrics

• 32.4% of adults (21+ years) have a formal account with a bank or ENPO.
• 48% of adults use some form of financial service, such as insurance or ATM services.
• Women are more excluded from the financial system than men.
• MSMEs largely rely on informal financial mechanisms.
• 57.5% of the population lives in rural areas.
• 27.8% of the population lives in poverty.
• 11.8% of the population is unemployed.
• Egypt has 27 governorates and a population of 96.3 million (as of Q1 2018).

Financial System Overview

• Egypt has 39 banks and over 2,800 branches.
• 16 banks offer full e-banking and mobile financial services.
• 11,582 ATMs and 70,509 POS terminals are in operation.
• Over 15.9 million debit cards, 10.6 million pre-paid cards, and 4.8 million credit cards are in circulation.

Mobile Payments

• Mobile payments operate on a bank-led model with MNOs having a significant market share.
• As of May 2018, there were 10.5 million mobile payment accounts, with a 30% annual growth rate.
• 9.4 million unique users.
• Monthly transaction volume: 1.78 million.
• Monthly transaction value: EGP 727 million.
• Money circulated in the system: EGP 4.95 billion.
• Over 133,600 agent banking points (including branches and POS).

Internet Banking

• 32 out of 39 banks offer internet banking.
• 1.4 million registered accounts with EGP 128 million in transaction volumes.

Government Initiatives

• 4.5 million cards were issued for payroll and 7 million for pensions.
• The National Payment Council (NPC) was established in 2017 to reduce cash use and promote digital payments.
• NPC aims to:
  • Develop the national payment system and reduce operational risks.
  • Increase financial inclusion by integrating more citizens into the banking system.
  • Reduce the cost of fund transfers and increase tax receipts.
  • Protect the rights of payment system users.
  • Build a competitive payment services market.

Key Regulatory and Market Challenges

• KYC Regime: Full KYC rules were a barrier for unbanked and underserved populations.
• Lack of Interoperability: No interoperability between mobile payment providers or with bank accounts.
• Low Transfer Limits: Previous daily and monthly limits were EGP 3,000 and EGP 25,000, respectively.
• Consumer Trust Issues: High charges and concerns over shariah compliance reduced trust in formal financial institutions.
• Limited Connectivity: Only 29.42% of mobile subscriptions have internet access, and internet penetration is at 37.8%.
• Inadequate Funding and Resources: Market players lack sufficient resources to implement DFS reforms and improve product design and financial literacy.

Initiatives to Overcome Challenges

• New Mobile Payments Regulation (2016): Introduced a simplified KYC process, allowing account opening with just an ID.
• Interoperability Scheme (Ta7weel): Launched in 2017 to enable cross-scheme transactions.
• Consumer Protection Measures: Included transparent terms, dispute resolution, and service availability guarantees.
• Mobile Wallet Limits Increase: Doubled limits for light KYC, allowing EGP 10,000 in balance and EGP 6,000 daily transfers.
• Enhanced Security Controls: Mandated two-factor authentication for high-risk transactions.
• Regulatory Sandbox: Planned to be established to test innovative DFS products in a controlled environment.
• Innovation Fund: A one billion EGP fund to support fintech startups and innovative projects.
• Blockchain Technology: Being explored for e-KYC and other applications to streamline processes and improve security.
• CSIRT Establishment: Approved in 2017 to respond to and prevent cyber threats in the banking sector.

Financial Inclusion Use Cases

• Social Funds Initiative: Provides government social benefits (e.g., pensions, alimony) via mobile wallets to 11.5 million beneficiaries.
• Microfinance Institutions (MFIs): Facilitate credit disbursements and payments through mobile wallets, targeting over 800 MFIs and 2 million borrowers.
• Cardless ATM: Enables cash-in/cash-out for mobile wallets via ATMs, serving 9 million m-wallets.
• International Money Transfers (IMT): Mobile wallet users can receive IMT in EGP.
• One-to-Many Payments: Payroll, pensions, and loan disbursements can be made via m-wallets.
• Bill Payments: Made possible through DFS platforms.

Efforts Going Forward

• e-KYC Development: CBE is studying the implementation of electronic identity verification.
• Blockchain Adoption: Explored for improving KYC processes and reducing fraud.
• Regulatory Sandbox: To be announced, aiming to foster innovation in DFS.
• Innovation Fund: To support fintech growth and development.
• Digital Bank Pilot: CBE plans to establish Egypt's first fully digital bank, enabling users to access financial services via smartphones.
• AML/CFT System Enhancement: To align with DFS requirements and develop a unified negative list.
• Cybersecurity Strengthening: Through the CSIRT and promoting best practices in the sector.
• E-GOV Vision: To digitize government services and provide them electronically.

Conclusion

Egypt has made significant strides in promoting financial inclusion through digital financial services and fintech. The CBE has played a central role in shaping the regulatory and operational landscape, addressing key challenges such as KYC, interoperability, and consumer trust. Ongoing efforts include the development of new regulations, the introduction of a national interoperability scheme, and the planning of a digital bank and regulatory sandbox. These initiatives are expected to further enhance the reach and security of DFS, making financial services more accessible and inclusive for the Egyptian population.