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Global economiesFebruary 5

Egyptian financial inclusion on the rise despite economic turmoil

Mobile wallet providers are offering alternative products beyond simple payment services to help shield against the impact of inflation
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Egyptian financial inclusion on the rise despite economic turmoilA busy evening at a bazaar in Khan Al-Khalili, Islamic Cairo, Egypt. Image: Getty Images

In one of the most challenging macroeconomic environments in the Middle East and north Africa region, Egypt can at least take pride in increasing financial inclusion.

The number of adults in the country with access to bank account services — via either bricks and mortar lenders or mobile providers — remains low compared with the global and regional average, with the country still home to one of the world’s largest unbanked populations (see chart).

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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