As part of the drive to achieve Egypt’s Vision 2030, which aims to enhance economic participation and expand the range of beneficiaries of banking services, the Central Bank of Egypt (CBE) has announced good news in issuing new instructions that allow banks to establish banking units outside the traditional framework. The move aims to expand the geographical footprint and provide financial services across the country.
These new units will facilitate the access of citizens and small and micro companies to high-quality financial services, in addition to providing financial education programs, especially in areas that lack banking branches.
Services provided by these units include: account opening, information updating, loan granting, card issuance, transfers, and cash machine deposit and withdrawal services. It will also include financial advice and education, as well as receiving feedback and complaints from customers.
The instructions identified three different types of presence units:
1. **Mobile Units**: Buses or equipped cars.
2. **Fixed Units**These are small, low-cost points that can be set up in places like youth centers or agricultural associations.
3. **Temporary Units**: Dedicated to financial education, promotion and consulting services.
This initiative represents a strategic step to enhance the spread of banking services based on international best practices, which supports the efforts to achieve financial inclusion for the largest segment of citizens, especially women, youth and people with special needs, in addition to encouraging the informal sector to enter the formal economy and support entrepreneurs.
The report showed that Egypt’s financial inclusion rates have increased significantly in recent years, rising by as much as 204% between 2016 and 2024, and banks’ microfinance portfolios have grown by 381 percent over the same period.
