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No Open Banking

One of the world’s most unbanked countries, which spans both Africa and Asia.

Internet penetration in the country sits at 72% as of 2023. Financial inclusion grew by 115% over six years, the Central Bank of Egypt announced in 2022, with it more apparent in women picking up transactional accounts, at a growth of 171%.

There is no specific OB framework yet, but the instant payment network that includes 11 banks and is interoperable with local wallets is a first step towards an OB initiative as it allows simple/instant account-to-account transfers.

As part of its role as a catalyst for change and supporter of the Fintech industry, the Central Bank of Egypt launched its Fintech and innovation-integrated strategy on March 2019 to promote Egypt’s Fintech ecosystem and position Egypt as the regionally recognised Fintech hub. Central Bank of Egypt launched its Regulatory Sandbox in 2019.

In 2021, Egypt was listed as the world’s second most unbanked country.  27% of adults in Egypt had bank accounts in 2021, leaving 73% unbanked. 

In March 2022, the National Instant Payment Network and InstaPay mobile application was launched, which allows clients to process electronic fund transfers instantly, seamlessly, and at any time.

Egypt’s largest national banks — Banque Misr, National Bank of Egypt (NBE), and Banque du Caire — as well as Global Ventures, launched ‘Nclude’ in March 2022, a new Fintech support fund that targets tech-driven start-ups with an initial investment worth $85 million.

The Fintech Underlie has been campaigning for Open Banking regulation in the country and has been developing its own API standards.

Egypt ranked 82nd out of 134 countries in Wiley’s Digital Skills Global Index 2021