Financial inclusion in Egypt: The road ahead

Hassouba, Tagh eed Abdelaziz
A icle
Financial inclusion in Egyp : The oad ahead
Re iew o Economics and Poli ical Science (REPS)
P o ided in Coope a ion wi h:
Cai o Uni e si y, Cai o
Sugges ed Ci a ion: Hassouba, Tagh eed Abdelaziz (2025) : Financial inclusion in Egyp : The oad
ahead, Re iew o Economics and Poli ical Science (REPS), ISSN 2631-3561, Eme ald, Bingley, Vol. 10,
Iss. 2, pp. 90-111,
h ps://doi.o g/10.1108/REPS-06-2022-0034
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/316135
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Financial inclusion in Egyp :
he oad ahead
Tagh eed Abdelaziz Hassouba
Facul y o Economics and Poli ical Science, Cai o Uni e si y, Giza, Egyp
Abs ac
Pu pose –The li e a u e e iew s a ed ha inancial inclusion (FI) in luences economic g ow h h ough di e en
channels. Hence, his pape aims o in es iga e he unde lying p ocess o FI in Egyp heo e ically, and o de i e
some policy implica ions o p omo ing he p ocess and achie ing mo e imp o emen in di e en inancial and
economic aspec s, ha is basically h ough discussing he opinions o FI’s main s ockholde s in Egyp .
Design/me hodology/app oach –The analysis used seconda y da a om he Global Findex and FAS
Da abase, namely, au oma ed elle machines, ou s anding deposi s and loans wi h comme cial banks, debi
and c edi ca ds owne ship. The esea ch pa icula ly used scien i ic me hods as me hod o deduc ion, me hods
o g aphical and abula ep esen a ion o da a, compa a i e analysis and syn hesis o pa ial knowledge. The
pape is also based on a desc ip i e app oach in addi ion o in-dep h in e iews wi h he main s akeholde s o
he inancial inclusion p ocess in Egyp .
Findings –The analyzed esul s o in e iews e ealed ha new FI ision should ha e a deep unde s anding
o he inancial li es o he poo and low-income g oups, including how hey acqui e, manage and use hei
money. Howe e , he impac is becoming mo e p ominen o he e iciency o he banking sys em and hence
economic g ow h a he a egula o y and sound ins i u ional amewo k enhances i . This inding suppo ed
he ac ha Egyp can design an app op ia e FI s a egy, bu he main challenge is how o implemen i wi h
he equi ed speed and ou each capaci y, especially in unde p i ileged communi ies.
Resea ch limi a ions/implica ions –The esul o his s udy has in e es ing implica ions o Egyp ’s
abili y o a ain e ec i e FI ini ia i es ha p omo e sound inancial choices and beha io which in u n help o
s imula e inancial and economic g ow h.
O iginali y/ alue –The s udy con ibu es o he li e a u e by assessing he FI le el in Egyp , i s implica ions
and how i should be enhanced o be e pe o mance and esul s in he u u e. I add esses he deep ac o his
p ocess h ough inclusi e su eys and in e iews ha help in de e mining he oad ahead.
Keywo ds Financial inclusion, Cen al bank o Egyp , CBE inancial inclusion ini ia i es, Financial inclusion
indica o s, In-dep h in e iews
Pape ype Resea ch pape
1. In oduc ion
Financial inclusion “FI”deno es he p ocess o making inancial se ices a ainable a
easonable cos s o all en i ies, sec o s as well as indi iduals; i espec i e o weal h and size,
espec i ely. FI s i es o add ess solu ions o he cons ain s ha exclude people om
pa icipa ing in he inancial sec o . In o de o p o ide inancial se ices a low cos s o
indi iduals om di e en le els o income, he inancial sec o is always ying o p o ide new
ways such as p o iding c owd unding, digi al paymen s and social lending. Howe e , al hough
he exis ence o hose ways, he e is s ill a low pe cen age o he popula ion ha emained
unbanked.
In ac , FI p o ides indi iduals wi h he possibili y o ha ing an app op ia e way o sa e
o he u u e and so can boos inancial s abili y. I inancial ins i u ions do no exis o do no
REPS
10,2
90
© Tagh eed Abdelaziz Hassouba. Published in Re iew o Economics and Poli ical Science. Published by
Eme ald Publishing Limi ed. This a icle is published unde he C ea i e Commons A ibu ion (CC BY
4.0) licence. Anyone may ep oduce, dis ibu e, ansla e and c ea e de i a i e wo ks o his a icle ( o
bo h comme cial and non-comme cial pu poses), subjec o ull a ibu ion o he o iginal publica ion
and au ho s. The ull e ms o his licence may be seen a h p://c ea i ecommons.o g/licences/by/4.0/
legalcode
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /2631-3561.h m
Recei ed 3 June 2022
Re ised 7 June 2022
Accep ed 7 June 2022
Re iew o Economics and Poli ical
Science
Vol. 10 No. 2, 2025
pp. 90-111
Eme ald Publishing Limi ed
e-ISSN: 2631-3561
p-ISSN: 2356-9980
DOI 10.1108/REPS-06-2022-0034
unc ion well, indi iduals, as well as i ms, will su e o ga he sa ings, hono paymen s o
secu e loans o businesses, which could c ea e de iciencies and obs acles o de elopmen and
g ow h.
Mo eo e , FI is widely used as a benchma k o ack he achie emen o he Sus ainable
De elopmen Goals (SDGs) gi en i s basic ole in p omo ing inclusi e de elopmen and
achie ing poo socio-economic bene i s. Tha in u n gi es mo e impo ance o deeply
in es iga e he si ua ion o FI in Egyp . Especially ha , FI is conside ed as a op p io i y in
Egyp ’s na ional agenda as a miles one in Egyp ’s 2030 Vision.
Some ecen s udies in es iga e FI using he Wo ld Bank’s Global FinDex da abase in
di e en coun ies. Howe e , li le wo ks ha e so a ocused on inancial inclusion in Egyp .
The e o e, his s udy aims o in es iga e he si ua ion as well as he main indica o s o FI in
Egyp gi en all po en ial challenges and ba ie s. In addi ion, o analyze he hough s belie s
and expe s o main FI’s s akeholde s (CBE, Comme cial Banks, and FRA), and hence ying
o d aw a oadmap in p omo ing FI o di e en a ge ed bene icia ies.
The eby, he esea ch p oblem o he s udy is “To wha ex en did he FI policy succeed in
expanding he inancial se ices in Egyp gi en all po en ial ba ie s and challenges?”Wha
a e he main policy ac ions ha should be unde aken o make he inancial sec o mo e
inclusi e o all socie y’s segmen s?
Unlike mos o he s udies ha ackled FI, his one aims a explo ing and con ibu ing o
he g owing knowledge abou Egyp ’s FI s a egy in e ms o i s main s akeholde s’opinions
and expe iences. The s udy applies a new app oach ha was no p e iously ouched in
discussing he case o FI in Egyp ; ha is in-dep h in e iews by holding one o one mee ing,
ying o d aw ecommenda ions o a u u e oadmap o FI in Egyp and how ou inancial
sys em be be e inclusi e.
Mo eo e , his s udy ocuses on Egyp as an indi idual coun y pe o mance a he han
egional FI ac i i ies, whe e he la e is he main pu pose o he exis ing li e a u e.
The es o he s udy p oceeds as ollows: Sec ion 2 ocused on main concep s, de ini ions
and indica o s o FI as well as an o e look o FI in he in e na ional sphe e. Fu he mo e,
p esen ing a deep o e iew o he Egyp ian FI which is illus a ed in Sec ion 3, da a and
me hodology o in-dep h in e iews a e discussed in Sec ion 4. Finally, in Sec ion 5, he s udy
e eals he main esul s and highligh s some policy implica ions.
2. Theo e ical backg ound
2.1 FI as a concep in in e na ional and egional sphe e
The concep o FI has become one o he mos impo an and widesp ead inancial concep s
since he global inancial c isis 2008, whe e he leade s o he G oup o Twen y (G20) ha e
p omo ed he ini ia i es adop ed by he de eloping coun ies o expand he scope and
spec um o FI o ha e a sound, solid and heal hy inancial sys em.
Acco ding o Demi guc-Kun and Klappe (2013) FI mainly e e s o “The p ocess ha
ensu es he ease o access, a ailabili y, and usage o o mal inancial se ices o all membe s o
an economy a a easonable cos and in a sus ainable mode”. This de ini ion ensu es he
absence o bo h p ice and nonp ice ba ie s o inancial se ices.
Fu he mo e, FI has become a i al issue o economic policymake s, egula o s, inancial
ins i u ions and de elopmen agencies locally and globally. Since 2010 mo e han 55
coun ies ha e made commi men s o FI, and mo e han 30 coun ies ha e ei he launched o
a e imp o ing na ional s a egies o FI (Wo ld Bank, 2018).
Acco dingly, he s udy ied o elabo a e he di e en de ini ions o FI ei he om
in e na ional o egional pe spec i es.
On he in e na ional side, FI is de ined, acco ding o he Wo ld Bank “WB”, as: “FI
means ha indi iduals and businesses ha e access o use ul and a o dable inancial p oduc s
Financial
inclusion in
Egyp
91
and se ices ha mee hei needs, ansac ions, paymen s, sa ings, c edi , and insu ance which
a e deli e ed in a esponsible and sus ainable way”(Wo ld Bank, 2015;Wo ld bank
G oup, 2013). This de ini ion is no a in meaning wi h ha belonged o The Uni ed
Na ions whe e FI is “Access a a easonable cos o all households o a ull ange o inancial
se ices, including sa ings, paymen and ans e se ices o ensu e con inui y and ce ain y o
in es men and hence economic g ow h”. Finally, The OECD s a es ha FI is “an a o dable,
easily accessible p ocess including a wide ange o egula ed inancial p oduc s and se ices”.
On he egional side, he e a e qui e simila de ini ions such as he de ini ion o he A ican
De elopmen Bank (ADB) which de ines FI as: “Ha ing access o di e en se ices including
making paymen s, mobilizing sa ings, alloca ing capi al unds, moni o ing use s o unds and
ans o ming isks”(ADB, 2013).
In addi ion, The Banking Associa ion Sou h A ica de ines FI as he access and
usage o a wide ange o a o dable, high-quali y inancial se ices and p oduc s, wi h
espec able conside a ion o clien p o ec ion. Accessibili y is accompanied by usage, which
should be suppo ed h ough he inancial educa ion o clien s (The banking associa ion
Sou h A ica, 2018).
Despi e he simila i ies be ween de ini ions, he e a e some di e ences, such as: (1) he
scope o he de ini ion, (2) he concep s he de ini ion includes and (3) he explici men ion o a
goal such as wha he go e nmen /ins i u ion hopes o achie e wi h i s FI policy (Zulkhib i
and Ghazal, 2016).
On o he hand, he concep o inancial exclusion gene ally e e s o he nonaccessibili y o
inancial se ices o hose who ha e a low-income le el. In his con ex , he s udy highligh s
he di e ence be ween olun a y exclusion e sus in olun a y exclusion. The WB de ines
olun a y exclusion as a condi ion whe e he segmen o he popula ion o i ms choose no o
use inancial se ices ei he because hey ha e no need o hem o due o cul u al o eligious
easons. In con as , in olun a y exclusion a ises om inadequa e income and high- isk
p o ile o due o ma ke ailu es and dis o ions.
Due o all hese p ocedu al hassles, people eel ha i is easie o make money om
in o mal c edi sou ces, bu i esul s in a comp omised s anda d o li ing, highe physical
and ansac ion cos s and po en ial exposu e o une hical and un egula ed p o ide s. Thus,
FI does no ypically mean he opening o sa ing bank accoun bu signi ies he c ea ion o
awa eness abou inancial p oduc s, educa ion and ad ice on money managemen and
o e ing deb counseling, e c. by banks (Pea ce, 2011).
2.2 FI in li e a u e e iew
The li e a u e e iew is en iched wi h b oad concep s, bene i s as well as de e minan s o FI
ha will be p esen ed in he ollowing poin s:
As a concep : Han and Melecky (2013) s a es ha FI p o ides indi iduals wi h he
app op ia e and sa e cos less mode o sa e and so can enhance inancial s abili y, as a high
le el o use o bank deposi s con ibu es o a mo e s able deposi base o banks in oubled
imes. Then A kinson and Messy (2013) a gues ha FI should be handled in ligh o a wide
p ocess o economic and social inclusion, gi en ha inancial educa ion and inancial
awa eness can pe ec ly os e i and help o achie e i s main a ge o a sus ainable inancial
sys em.
In addi ion, FI is de ined as he use o o mal inancial se ices ha c ucially de e mines
economic de elopmen . Indi iduals who a e no inancially excluded a e able o in es in
educa ion and launch businesses, and his con ibu es o po e y educ ion and economic
g ow h (Beck e al., 2007;B uhn and Lo e, 2014).
Awad and Eid (2018) de ine FI as a con enien and easonable cos deli e y p ocess o
inancial se ices o low-income g oups. Ano he speci ic de ini ion o FI is in oduced by
REPS
10,2
92
Lenka and Ba ik (2018) ha FI is a p ocess ha in ol es inancial access o inancially
excluded g oups in e ms o inancial se ices such as sa ings, paymen s, c edi and In e ne
banking.
O he s ain o he li e a u e has also highligh ed he impo ance and
bene i s o FI: since he 90s, i is a gued ha access o inance is a ui ul ac o ha helps
people o exi po e y by enhancing p oduc i i y concluding ha he basic FI’s me i s a e
being an impo an de elopmen ool (Bane jee and Newman, 1993). Since hen and e e
a e , he FI phenomena ha e e i ed esea che s’in e es in in es iga ing he ela ion
be ween FI, po e y and socio-economic de elopmen . Ague a (2015) discussed ha FI is
o en conside ed as an e ec i e ool ha can boos job c ea ion, educe ulne abili y o
shocks and inc ease in es men s in human capi al. Hence, unde s anding he link be ween
FI, po e y and income inequali y a he coun y le el will help policymake s o design and
apply p og ams ha will, in u n, widen access o inancial se ices and lead o dec easing
he ex en o po e y.
Fu he mo e, Tu 
egano and He e o (2018) y o empi ically assess whe he FI
con ibu es o educing income inequali y when con olling o o he key ac o s such as
economic de elopmen and iscal policy. They concluded ha FI is mo e a ibu able o a
signi ican educ ion in income inequali y a he han he size o he inancial and hence i
implies ha go e nmen a ge ing income equali y should le FI a he o e on o i s policies.
Also Zins and Lau en (2016) s a e ha “in he absence o inclusi e inancial sys ems, po e y
aps can eme ge and hampe economic de elopmen ”.
Mo eo e , many o he bene i s accompanied wi h FI (Demi guc-Kun and Klappe , 2013)
ensu es ha access o inancial ools empowe s women, en ep eneu s in ol ed in small- and
medium-sized en e p ises (SMEs) and indi iduals in ol ed in he in o mal sec o , allowing
hem o in es in hei educa ion o inancial p ojec s and ully u ilize hei esou ces.
The e o e, FI could wo k as cos educ ion, e icien alloca ion, business acili a ion,
suppo ing capi al as well as lowe -income inequali y.
Based on he impo ance o FI, many s udies in li e a u e ocused on he FI
measu emen p ocess ha is because a obus and comp ehensi e measu e o FI is e y
help ul o e icien ly guide he go e nmen ac ions and o pe ec ly moni o he p og ess o
he policy ini ia i es unde aken o p omo e FI. Since hen, many ypes o he esea ch
p oposed FI index (FII) ha cap u es in o ma ion on se e al dimensions (a ailabili y,
accessibili y and usage) o measu e FI ei he o a speci ic coun y o ac oss a g oup o hem.
I was s a ed by Sa ma (2008) and ollowed by many o he s such as Goela and Sha ma
(2017),C
ama a and Deus o (2014) and Pa k and Me cado (2018). Mos concluded ha access
o banking se ices bene i s people o pa k hei money in he o mal inancial ins i u ions in
u n i will esul in high g ow h h ough mul iplie e ec s and helps o achie e inclusi e
g ow h (Kim e al., 2018).
Fu he mo e, o he s ands o e iews ocused on FI in he Egyp ian con ex
ha is o example Nas (2017), which demons a ed ha enhancing he inancial sec o
and expanding access o inancial se ices is he main ool o s imula e bo h economy and
socie y. Ne e heless, inancial indica o s in Egyp s ill pu he Egyp ian inancial sec o
a a mode a e le el and need a lo o achie e a highe le el o FI. EMNES S udies (2018) he
epo ed posi i e impac o FI on economic g ow h. Mos MENA egion coun ies;
and Egyp is one o hem, and will enjoy a high le el o economic g ow h and lowe
po e y when mo e a en ion is gi en o he inancial sec o and FI p ocess. Mo eo e ,
Awad and Eid (2018) s ipula ed an u gen need o go e nmen s o each o mo e people
om di e en le els o educa ion and income, o inc ease hei awa eness and impo ance
o FI. Tha will esul in boos ing economic g ow h and imp o ing ci izens’s anda ds o
li ing.
Financial
inclusion in
Egyp
93

2.3 Main dimensions and indica o s o FI
Basically, inancial inclusi e sys em includes h ee main dimensions, each con ains se e al
exp essi e indica o s. Table 1 summa izes he indica o s ha a e exp essing he dimensions
o FI as he same as Sa ma (2008) and Pa k and Me cado (2018).
2.4 FI as a demand and supply side
FI is conside ed as he in e ac ion be ween demand and supply side oge he wi h consume
p o ec ion, and hese sides can be add essed as ollows:
Demand side: I is epo ed by he end-use s o inancial se ices. I includes inancial
li e acy and awa eness, knowledge and need o inancial p oduc s and se ices, a o dabili y,
us , eligious/cul u al ac o s, income le el, language, consume expe iences and na u e and
scale o business (Singh, 2017).
Financial exclusion om he demand side a ea is a esul o lack o awa eness, low income,
po e y inancial illi e acy, and mis us in he inancial sys em, bad expe iences wi h he
inancial ins i u ions, loca ion in u al/ emo e a eas and dependence mainly on in o mal
sou ces o c edi (€
Onc€
u, 2015).
Dimension Dimension’s e lec ion
Indica o s pe each
dimension Sou ce
A ailabili y The ex en by which se ices o a inancial
sys em is easily a ailable o i s clien s
Au oma ed elle machines
(ATMs) (pe 100,000 adul s)
FAS
Comme cial bank b anches
(pe 100,000 adul s)
ATMs (pe 1,000 Km
2
)
Comme cial bank b anches
(pe 1,000 Km
2
)
Access “Bank
Pene a ion”
The dep h o ou each o inancial se ices.
(e.g. he pene a ion o bank b anches o
poin o sale (POS) de ices in u al a eas,
e c. ...)
% o adul s (age 15 yea sþ) Global
Findex
Su ey
Holding an accoun a a
inancial ins i u ion
Ha ing a c edi ca d
Owning a debi ca d
Usage The ac ual usage o inancial se ices in
e ms o equency and leng h o ime
usedI is ela ed o he no ion o
“unde banked”o “ma ginally banked”
people, as obse ed by Kempson and
A kinson (2004). They ha e no iced ha “in
some appa en ly e y highly-banked
coun ies, a numbe o people wi h a bank
accoun a e none heless making e y li le
use o he se ices on o e ...”
% o adul s (age 15 yea sþ)
who
Global
Findex
Su eySa ed a a inancial
ins i u ion
Bo owed om a inancial
ins i u ion
Made deposi s in he pas
yea
Made wi hd awals in he
pas yea
Used a debi o c edi ca d
o make a pu chase in he
pas yea
Paid u ili y bills using a
mobile phone
Recei ed wages in o a
inancial ins i u ion accoun
Made o ecei ed digi al
paymen s in he pas yea
Sou ce(s): Au ho de elopmen based on Sa ma (2008),Sa ma and Pais (2016) and Pa k and Me cado (2018)
Table 1.
Main dimensions and
indica o s o an
inclusi e inancial
sys em
REPS
10,2
94
Supply side: I is epo ed by inancial se ice p o ide s. I includes dis ance om he bank
b anch, b anch imings, equi ed documen a ion and p ocedu es, s a a i udes, inancial
ma ke s, banks and se ices, app op ia e design o p oduc s and se ices, lending c i e ia,
he in as uc u e o inancial se ice p o ide s, ansac ion cos , equi ed commissions and
ees, capi al adequacy and he egula o y and legal amewo k.
In his ega d, inancial exclusion om he supply side a ea is a esul o long-dis ance o
he b anch, ou ine documen a ion and p ocedu es, i ele an p oduc s and lack o
cus omized p oduc s, inapp op ia e s a a i udes, he lack o p o ide s se ing low-
income segmen s, he unwillingness o banks o lend in ce ain cases, high commissions and
ansac ion cos , he ine iciency o he legal amewo k which p o ec s c edi o igh s and
helps in egula ing business conduc (Tues a, 2014).
2.5 Case s udies abou FI
On he coun y le el, se e al coun ies unde ook di e en measu es o enhance FI and
p o ide be e and di e si ied se ices. The ollowing coun ies ook success ul s eps in his
espec . These expe iences will help in d awing and conduc ing some lea ned lessons in he
case o Egyp . Kenya and China a e selec ed as examples o inancial echnology and
inancial in as uc u e and egula o y imp o emen espec i ely, o achie e FI.
Kenya is one o he mos success ul expe iences whe e i unde ook—in he ea ly yea s o
he Millennium—impo an e o m agendas, which accompanied wi hin he Economic
Reco e y S a egy o Weal h and Employmen C ea ion (ERSWEC) o 2003 o
2007: This s a egy was planned o compensa e decades o slow economic g ow h ha had
ad e sely unde mined he well-being o Kenyans. The ision was buil on h ee pilla s
(economic, social and poli ical) and aimed a empowe ing Kenyans and p o iding hem wi h
‘a democ a ic poli ical a mosphe e ha incen i izes all ci izens o wo k ha d and engage in
p oduc i e ac i i ies o imp o e hei s anda ds o li ing’. In addi ion o Vision 2030
(2008–2030): ha aimed a ans o ming Kenya in o an indus ialized, middle-income
coun y p o iding a high quali y o li e o all i s ci izens by 2030 (Mugo and Kilonzo, 2017).
Kenya’s Rele an Financial Re o ms: Unde Kenya’s s a egic agenda, a numbe o
e o ms and ini ia i es we e employed, esul ing in dynamic inno a ions and
ans o ma ions in he inancial sec o . These e o ms included he e olu ion o digi al
inancial se ices, agen banking, c edi e e ence bu eaus and easu y mobile di ec
(Amanja, 2015).
As a esul o he a ious laws, policies and ools, Kenya became a global leade in FI wi h
86%. Acco ding o he Washing on-based hink ank, M-PESA is es ima ed o ha e li ed
194,000 households, o 2% o Kenyan households, ou o po e y. The impac is mo e
signi ican in emale-managed households and seems o be d i en by changes in inancial
beha io such as inc eased inancial esilience and sa ing. Be ween 60 and 73% o he
popula ion accessed bank and mobile money agen s in 2015, espec i ely, compa ed o 53 and
69% in 2013, whe e lowe ing ba ie s o en y and ansac ing in he banking sec o o
enhance access inc eased o mal sa ing o 30% and o mal bo owing o 15% in 2016 (h p://
bwo ldonline.com/philippines- ops-asia- inancial-inclusion-lis /).
China: To educe China’s po e y a e and become an ad anced coun y, some e o ms
ha e been made in he inancial sec o ying o achie e FI and hus e iciency as well as
comp ehensi e g ow h (Fungaco a and Weill, 2014).
These e o ms a e lis ed by Reaching he Las Mile: The Chinese go e nmen has
in es ed subs an ially in expanding and imp o ing China’s inancial in as uc u e,
pa icula ly he e ail paymen sys ems. In addi ion, he People’s Bank o China has
encou aged and acili a ed he es ablishmen o one o he wides poin -o -sale (POS) ha
signi ican ly inc easing he numbe o physical access poin s o u al and unde se ed
Financial
inclusion in
Egyp
95
popula ions in illages ac oss China. Mo eo e , se e al de elopmen s ha e con ibu ed o
s eng hening he scope and quali y o China’s c edi in as uc u e, including a co e
legal amewo k and egis y sys em o secu ed ansac ions ha was es ablished in he
mid-2000s, c edi epo ing egula ion and guidelines issued since 2000, he 2006 En e p ise
Bank up cy Law and he 2007 P ope y Law. China has also made signi ican p og ess
owa d he de elopmen o a comp ehensi e and obus na ional paymen
sys em in as uc u e. These e o s con ibu ed o he signi ican expansion and
di e si ica ion o physical access poin s h oughou China, including comme cial bank
b anches, sub-b anches, agen s and new- ype u al inancial se ice p o ide b anches. The
unde lying paymen sys ems in as uc u e has also enabled he la ge-scale shi o
go e nmen - o-pe son (G2P) paymen s o elec onic ins umen s, b inging millions o
Chinese adul s in o he o mal inancial sys em.
Fu he mo e,policymake s in China ha e now mo ed om he “wai and see”app oach
owa d es ablishing a mo e comp ehensi e egula o y amewo k o new p o ide s
and p oduc s o ensu e he long- e m in eg i y and s abili y o he inancial sys em and
adequa e p o ec ions o consume s (Fung
a
co 
a and Weill, 2015).
As a esul o all ha , mos o he p e iously men ioned indica o s a e signi ican ly
imp o ed such as a numbe o adul s ha e accoun s in inancial ins i u ions, he numbe o
o mal sa ings and o mal bo owing, e c. China’s expe ience demons a es he impo an
alue o a egula o y app oach ha p omo es inno a ion, while also highligh ing he need o
ac i ely moni o and p omp ly add ess isks.
I is pi o al o lea n om China’s expe ience ha con inuous e o s o e ol ing a e i al o
keep pace wi h inancial deepening and inno a ion (Wo ld Bank, 2018).
3. An o e iew o he Egyp ian con ex
As pe Egyp , The Cen al Bank o Egyp (CBE) is leading he coun y’s FI policy p ocess. I
joined he Alliance o Financial Inclusion (AFI) in mid-2013 and he ne wo k’s wo king
g oups on da a and on inancial inclusion s a egies e e since.
I is ag eed ha FI has been b oadly ecognized as a c i ical ool in educing po e y
and achie ing inclusi e economic g ow h. I is e iden ha g ea e access o inancial
se ices enables he ma ginalized g oups o li po e y and educe inequali y in
socie y. I is de ined as “ he access o indi iduals and businesses, o he p oduc s and
se ices such as paymen s, sa ings, c edi , and insu ance a a easonable cos and in a
sus ainable o m”.
(Alex Bank epo on FI, 2017).
Howe e , i is wo h no ing ha –due o he la es igu es eleased by he WB in 2014 –FI
pe o mance in Egyp lags he wo ld and he o he lowe –middle-income coun ies a e ages,
bu i con e ges wi h Middle Eas coun ies a e ages, which means ha Egyp su e s om
high le els o inancial exclusion, gi en ha low inancial pene a ion is signi ican ly
associa ed wi h he p esence o a sizable in o mal sec o and he high po e y and
unemploymen a es.
3.1 Salien ea u es o FI in Egyp
To analyze he main ea u es, indica o s and dimensions o FI in Egyp , i is qui e essen ial o
no e ha he p oblem in Egyp is no only abou he a ailabili y o ATM and bank b anches,
bu i also includes he lowe access o small deposi o s o banking se ices especially in poo
and u al a eas. Banks become eluc an o accep dealing wi h small deposi o s o
bo owe s; ha is he same eason o he small deposi o s o p e e holding hei sa ings in
he pos o ices, and o he bo owe s o seek in o mal inance.
REPS
10,2
96
Rela ing o Egyp ’s o al popula ion, banks ha e ew ou le s o basic banking se ices.
Mo eo e , he numbe o banks’b anches and ATMs pe capi a is ela i ely less han
coun ies wi h simila pe -capi a income. Howe e , he si ua ion is imp o ed by ime.
In gene al, banks end o concen a e on he u ban popula ion, gi en ha s a e-owned
banks ha e he mos balanced b anch ne wo ks. Howe e , hei exis ence is s ill g ea e in
u ban a he han u al a eas. P i a e- and join - en u e banks ha e much less u al
co e age, while o eign banks ha e li le physical p esence in ei he u ban o u al a eas
(Allen e al., 2012;Alshab awe, 2016).
Fu he mo e, In Egyp , incen i es o small i ms and households o use deposi s and
o he inancial p oduc s a e no such s ong enough. Minimum equi ed deposi amoun s a e
high enough o hinde he poo om in ol ing in he banking sys em. Al hough s a e-owned
banks ha e a compa a i e ad an age in a ac ing small deposi o s wi h hei huge b anch
ne wo k in di e en go e no a es and illages, and hey ha e ins ead p e e ed o ocus on
la ge deposi o s.
Mo eo e , he inancial sec o plays a limi ed ole in inancing new in es men s. On
a e age, only 7% o new in es men s and wo king capi al in Egyp inanced h ough he
banking sec o , compa ed o mo e han 13% in he MENA egion, and 18% in he es o he
wo ld by he yea 2107. Besides, banks o en p e e o ex end c edi o la ge co po a e clien s
and connec ed indi iduals ha a e conside ed less isky, while s a -up companies emain
inancially cons ained. As a esul , o mal inancing plays a limi ed ole in inancing
en e p ises, especially SMEs. Only 13% ha e access o inance, as opposed o 36% o la ge
i ms. (EMNES S udies, 2018).
Table 2 summa izes he FI’s indica o s and dimensions o 2014 and 2017. Indica o s’
alues appea o e en ually be imp o ed be ween bo h pe iods. Fu he mo e, indica o s
pe dimension ha e a ew close alues especially o access and usage bu i is di e en o
a ailabili y. The indica o s o ATM and bank b anches pe 100,000 adul s ha e highe
weigh s han he same indica o s pe km
2
.Thisisconsis en wi hC
ama a and Deus o
(2014), who a gues ha he a ios associa ed wi h he popula ion con ain mo e
in o ma ion han hose associa ed wi h he loca ion. In addi ion, he pe cen age o
ATM is signi ican ly la ge han ha o b anches pe km
2
and pe adul popula ion o he
a ailabili y dimension.
I seems ha –ei he o 2014 o 2017 –a ailabili y seems o ha e he g ea es impo ance
in explaining inancial inclusion in Egyp , ollowed by access and usage. This e eals ha
a ailabili y is he mos impo an dimension o explaining he deg ee o inancial inclusion,
Mo eo e , he lack o ATMs o b anches o comme cial banks migh be conside ed as he i s
eason ha gene a es inancial exclusion.
Howe e , i is e iden ha FI’s pe o mance in Egyp lags he wo ld and he o he lowe -
middle-income coun ies a e ages, bu i con e ges wi h Middle Eas coun ies a e ages.
Low inancial pene a ion is signi ican ly linked wi h he exis ence o a sizable in o mal
sec o and he high po e y and unemploymen a es (Wo ld Bank, 2018).
The ollowing Figu es 1–3 ep esen he e olu ion –in Egyp –o some selec ed
indica o s pe each o he h ee dimensions. Figu e 1 highligh ed he inc ease o e ime in
ATMs and he Numbe o comme cial banks pe 100,000 adul s, which assu es he p e ious
esul ha he a ailabili y dimension is he main o cons uc ing an inclusi e inancial
sys em in Egyp .
Mo eo e , Figu e 2 sheds ligh on he pe cen age o debi and c edi ca ds’owne ship as
an example o access dimension, i is no ed ha bo h c edi and debi ca ds’owne ships ha e
inc eased and imp o ed by he ime, whe e he inc ease o debi ca ds is g ea e han c edi
ca ds. Tha migh be explained due o a highe le el o sa ings h oughou he pe iod, in
addi ion, o make mos o he wages and sala ies cashless h ough an indi idual’s accoun
di ec ly.
Financial
inclusion in
Egyp
97
4.5 FI challenges
In e iews ha e men ioned some o he cons ain s ha a e conside ed as basic challenges on
he oad o FI in Egyp such as he in o mal sec o , socie y cul u e which is s ill e y
adi ional in dealing wi h inancial ansac ions, and lack o accu a e measu emen o FI
le els which leads o he disabili y o p o iding sui able p oduc s and se ices o indi iduals
and en e p ises; in addi ion o some o he echnological in as uc u e laws.
On he o he side, all su eyed ins i u ions ag eed on he impo ance o inancial educa ion
o p omo e FI. Tha is due o hei belie ha inancial p oduc s could no be used e icien ly
wi hou inancial li e acy and he equi ed change in he Egyp ian socie y cul u e.
4.6 Regula o y amewo k o FI
FRA’s opinion is ha FI is al eady egula ed enough, and he Egyp ian economy should go
ahead as e in he p ocess o FI.
CBE, NBE and Banque Mis ag eed on ha FI should be egula ed mo e s ic ly and hence
CBE p oposes he es ablishmen o a sup eme commi ee o FI a a na ional le el while NBE
p oposes legisla i e, adminis a i e and echnological e o ms.
Howe e , all o he su eyed ins i u ions’ ep esen a i es ag eed ha he e is no need o
uni e sal inancial se ices law because e e y coun y has i s own cha ac e is ics and
ci cums ances.
4.7 The ole o in e na ional o ganiza ion
All o he su eyed ins i u ions ag eed on he impo an ole o he in e na ional inancial
o ganiza ions such as WB, IFC, EBRD and EIB as well as he unique ole o he
Eu opean Union.
Rega ding he help ul ac o s o in e na ional o ganiza ions ha migh a ec he FI
p ocess, he in e iews concluded ha FRA and Banque Mis belie e in “sha ing o bes
p ac ices”as an impo an ehicle, while CBE and NBE hink ha all o he sugges ed choices
“p omo ion o p ojec s on FI, in e na ional pla o ms o capaci y building, sha ing o bes
p ac ices”a e equally impo an .
5. Conclusion and policy implica ions
Using in-dep h in e iews, his pape in es iga ed he case o FI in Egyp . The pa icipan s’
indings show ha Egyp ’s plan o inancial inclusion seemed easible and a ainable, bu
wi h he s ill challenging s eps. The mo emen s owa d g ea e a es o FI a e sequen ial,
whe eas hei impac is ai ly subs an ial bu s ill slow and beyond wha is equi ed. This
could be a ibu ed o he low le el o inancial li e acy, social embeddedness ha hinde s he
use o inno a i e echnology; in addi ion o he incomple e legal and egula o y amewo k
ha helps he FI’s pi alls a oidance. Fu he mo e, he ba ie s o g adually ans o ming he
economy o a cashless one and gende inequali y access o inancial se ices a e expec ed o
weaken he imp o emen p ocess o FI.
Tha is why he s udy ied o demons a e some measu es o p omo e FI in he Egyp ian
con ex , gi en ha un il now he e is no su ey o oadmap ep esen ing he ac ual o
po en ial needs and desi es o end-use s. Ne e heless, gi en he meage a ailable da a and
li e a u e, his s udy acknowledges he Egyp ian FI gap wi h espec o o he coun ies.
Mo eo e , wo king on answe how FI’s gap could be na owed down? And wha a e
he main policy ac ions and ecommenda ions o expand he FI Umb ella?
To answe ha , i is wo h men ioning ha The Cen e o Financial Inclusion has a ack
eco d o p omo ing dialog among decision-make s and de eloping a sha ed ision, wi h an
eye owa d u ning ision in o ac ion.
REPS
10,2
104

Based on he FI 2020 pe spec i e – ha builds a sha ed oadmap o ac ion, wo king in
pa ne ship wi h o he specialized o ganiza ions – ha is beside he esul s o in-dep h
in e iews held o in es iga e Egyp ’s FI le el, he s udy ecommends he ollowing policy
ac ions o be ackled by he main s akeholde s o enhance FI in Egyp .
5.1 Go e nmen ’s equi ed policy ac ions
(1) The go e nmen is equi ed o lead he way and enhance he de elopmen and
g ow h o elec onic paymen s as wha happened in he case o Kenya. I should
suppo he ole o echnology and inno a ion in p omo ing FI ini ia i es, gi en
ha echnical p og ess should be accompanied by a egula o y en i onmen o
secu e echnology use s in inancial se ices, besides egula o s mus p oac i ely
seek o unde s and eme ging inno a ions, po en ial isks and how o egula e
hem.
(2) Legisla ing laws o de ising ools ha can add ess social ba ie s o women, he poo
income g oups’FI, and all ci izens. In addi ion, i should de elop he necessa y
inancial in as uc u e ha encou ages p i a e sec o inno a ion, as well as he
c ea ion o colla e al egis ies and c edi bu eaus.
(3) Speci ic b oadband in as uc u e p ojec s in u al a eas, wi h ull s akeholde
pa icipa ion.
(4) Po e y is a mul i ace ed challenge ha needs a mul iplici y o solu ions o comba i .
Inno a i e and inclusi e inance is no a magic hand o ge people ou o po e y.
Howe e , mo e e o s by he go e nmen should be done h ough c ea ing
employmen , addi ional income along wi h sa ings bu e s, all can help FI p ocess o
play i s ole in educing po e y as well as boos ing wellbeing. A ha ime, he
impac o FI can be ouched by mo e unbanked and ma ginal indi iduals in eg a ed
in o he o mal inancial sec o (Ra allion, 2004).
(5) Realizing inclusi e inance equi es p oac i e leade ship, coo dina ion and sus ained
e o om go e nmen s, he p i a e sec o , de elopmen pa ne s and e en
consume s as wo king oge he achie es helps in achie ing be e esul s.
(6) Mo i a ing o mal ins i u ions ha enhance as e implemen a ion o FI by p o iding
access o new ypes o o mal inancial se ices such as pay oll, pay bills, deposi o
wi hd aw cash om ATMs, ans e money o any o he e-walle and access se e al
go e nmen se ices wi hou he need o ha ing a bank accoun . Tha is in u n will
enable easy and quick ans e o unds e icien ly, which accele a es sales in SMEs
businesses, imp o es he e iciency o he ma ke place and emo es ba ie s o
g ow h.
5.2 CBE’s leading ole
CBE is commi ed o he implemen a ion o aining, educa ional and inancing p og ams ha
p o ide mo e oppo uni ies o Egyp ian women and in es ing in educa ion and inancial
educa ion p og ams o women. I es ablished he na ional s ee ing commi ee on inancial
educa ion, which is led by he (EBI) – he CBE’s aining a m – o de elop he Na ional
S a egy o Financial Li e acy, especially o he poo and women. In he ligh o ha CBE
needs o:
(1) Shi he pa adigm om inancial educa ion as knowledge ans e o inancial
capabili y as p omo ing sound inancial choices and beha io .
Financial
inclusion in
Egyp
105
(2) App o e he opening o less cos ly “elec onic”bank b anches in u al a eas which
allow he emo e and poo cus ome s o ha e mo e access o inancial se ices. I
needs also o es ablish banks whose main objec i e is o p o ide inancial se ices o
low-income people who ind i di icul o ob ain he se ices p o ided by o he banks,
as Sou h A ica did h ough he es ablishmen o he “MZANSI”bank in 2004.
(3) Inc ease and inno a e in mic o inance p oduc s including Islamic mic o inance
se ices.
(4) Es ablish mic o inance banks whose main objec i e is p o iding loans o SMEs no
only o alloca e banks pa o hei unds o hese p ojec s.
(5) Inc ease he numbe o Islamic banks and hei b anches o co e all indi iduals who
e use o deal wi h comme cial banks ha do no ollow Islamic Sha ia.
5.3 Comme cial banks’ ole
(1) Mo e om pu e inancial li e acy o building he inancial capabili y o unbanked and
unde banked cus ome s by embedding inancial capabili y elemen s in p oduc
design and deli e y.
(2) Use echnology o empowe cus ome s wi h mo e accoun managemen ools o make
he cos s o banking se ices low.
(3) Unde ake public awa eness campaigns as well as dialog on clien p o ec ion policies
ha inc ease cus ome com o wi h new se ices wi hou c ea ing undue bu dens on
banks and cus ome s, in addi ion, o enhance on-line wo k and educe pape wo k
equi emen s o make he se ices quicke .
(4) Imp o e inancial p o ec ion o he consume o suppo us in he banking and
inancial sec o .
5.4 In e na ional o ganiza ions
In e na ional o ganiza ions ha e p o ided con inuous suppo o he Egyp ian inancial
ins i u ions o e he yea s and a e o e ing echnical expe ise in he a ea o FI. They need o
con inue hei suppo o help Egyp make he e o ms ela ed o imp o e FI and o ac
acco ding o he commi men o implemen he G20 p inciples o inno a i e FI unde a
sha ed ision o uni e sal access.
To sum up, E ec i e implemen a ion o FI in Egyp would enhance economic g ow h and
acili a e indi iduals’smoo h b idging o inancial se ices, bu some o he challenges
emain. The e o e, i is manda o y o ha e a clea s a egic ision, a ge s and policies, based
on he coun y’s pe spec i e o social and economic de elopmen and g ow h goals. The
ision should conside he oles and needs o all s akeholde s (supply and demand sides)
wi hin he inancial space.
I is necessa y, ha any new FI ision should ha e a deep unde s anding o he inancial
decisions o he poo and low-income g oups, including how hey acqui e, manage and use
hei money; he e o e, inancial educa ion and awa eness become a mus owa d ull
implemen a ion o FI in Egyp .
Finally, Egyp can design an app op ia e FI s a egy, bu he main challenge is how o
implemen i wi h he equi ed speed and ou each capaci y, especially in unde p i ileged
communi ies.
Fu he esea ch s udies a e ecommended o su ey he main needs o poo and
unbanked segmen s o he socie y ha migh help he sound and a ge ed implemen a ion o
REPS
10,2
106
FI in Egyp . In addi ion o ackling he co ec measu emen FII o he Egyp ian con ex o
be e guide he policymake s o mo e ui ul FI s a egy.
Lis o abb e ia ions and ac onyms
ADI The Asian De elopmen Bank
AFI Alliance o Financial Inclusion
ATM Au oma ic Telle Machine
CBE Cen al Bank o Egyp
CIB Comme cial In e na ional Bank
EBI Egyp ian Banking Ins i u e
ERSWEC Economic Reco e y S a egy o Weal h and Employmen C ea ion
FEPS Facul y o Economics and Poli ical Sciences
FI Financial Inclusion
FRA Financial Regula o y Au ho i y
G20 The G oup o Twen y
GPFI The Global Pa ne ship o Financial Inclusion
MFBs Mic o inance Banks
MFS Mobile-phone Financial Se ices
MoU memo andum o unde s anding
NBE Na ional bank o Egyp
POS poin o sale
SMEs Small and Medium En e p ises
No e
1. I was essen ial o keep he con iden iali y and anonymi y o he in e iewees gua an eed o he
maximum possible le el.
Re e ences
A ican De elopmen Bank (2013), “Financial inclusion and in eg a ion h ough mobile paymen s and
ans e ”,P oceedings o Wo kshop on “Enhancing Financial In eg a ion h ough Sound
Regula ion o C oss-Bo de Mobile Paymen s: Oppo uni ies and Challenges”.
Ague a, P. (2015), “Financial Inclusion, G ow h and Po e y Reduc ion”,P esen a ion Financial o all:
p omo ing inancial inclusion o A ica, Wo ld Bank, Congo.
Alex Bank (2017), “Financial inclusion in Egyp ”, a ailable a : h ps://www.alexbank.com/Cms_Da a/
Con en s/AlexBank_En/Media/Publica ion/FlashNo e/ inancialinc.pd
Allen, F., Demi guc-Kun , A., Klappe , L. and Pe ia, M.S.M. (2012), “The ounda ions o inancial
inclusion: unde s anding owne ship and use o o mal accoun s”, Wo ld Bank Policy Resea ch
Wo king Pape Se ies (6290).
Alshab awe, H. (2016), Financial Inclusion o Mic o inance in Egyp , CBE.
Amanja, D. (2015), “Financial inclusion, egula ion, and s abili y: kenyan expe ience and pe spec i e”,
Uni ed Na ions Con e ence on T ade and De elopmen , Mul i-Yea Expe Mee ing on T ade,
Se ices and De elopmen Gene a, 11–13 May 2015.
Anan h, S. and Oncii, T.S. (2013), “Challenges o inancial inclusion in India: he case o Andh a
P adesh”,Economic and Poli ical Weekly, Vol. 48 No. 7, pp. 1-24.
A kinson and Messy (2013), “P omo ing inancial inclusion h ough inancial educa ion: OECD/INFE
e idence, policies and p ac ice”, OECD Wo king Pape s on Finance, Insu ance and P i a e
Pensions No. 34.
Financial
inclusion in
Egyp
107
Awad, M. and Eid, N. (2018), “Financial inclusion in he MENA egion: a case s udy on Egyp ”,IOSR
Jou nal o Economics and Finance, Vol. 9 No. 1, pp. 11-25.
Bane jee, A.V. and Newman, A.F. (1993), “Occupa ional choice and he p ocess o de elopmen ”,
Jou nal o Poli ical Economy, Vol. 101 No. 2, pp. 274-298.
Beck, Demi guc-Kun and Le ine (2007), “Finance, inequali y and he poo ”,Jou nal o Economic
G ow h, Vol. 12, pp. 27-49.
B uhn, M. and Lo e, I. (2014), “The eal impac o imp o ed access o inance: e idence om Mexico”,
The Jou nal o Finance, Vol. 69 No. 3, pp. 1347-1376.
C
ama a, N. and Deus o, D. (2014), “Measu ing inancial inclusion: a mul idimensional index”, BBVA
Resea ch Pape No. 14/26.
Colla d, S. (2014), “Towa d inancial inclusion in he UK: p og ess and challenges”,Public Money and
Managemen , Vol. 27 No. 1, pp. 13-20.
Demi guc-Kun and Klappe (2013), “Measu ing inancial inclusion: explaining a ia ion in use o
inancial se ices ac oss and wi hin coun ies”,B ookings Pape s on Economic Ac i i y, Vol. 44
No. 1, Sp ing, pp. 279-340.
De , M. (2006), “Financial inclusion: issues and challenges”,Economic and Poli ical Weekly,
pp. 4310-4313.
EMNES S udies (2018), “Financial de elopmen and inclusion in Egyp , Jo dan, Mo occo, and
Tunisia”, pp. 1-80.
Fung
a
co 
a, Z. and Weill, L. (2015), “Unde s anding inancial inclusion in China”,China Economic
Re iew, Vol. 34, pp. 196-206.
Fungaco a, Z. and Weill, L. (2014), “Unde s anding inancial inclusion in China”,BOFIT Discussion
Pape s, Vol. 2014 No. 10, p. 1.
Goela, S. and Sha ma, R. (2017), “De eloping a inancial inclusion index o India”,P ocedia Compu e
Science, Vol. 122 No. 2017, pp. 949-956.
Han, R. and Melecky, M. (2013), Financial Inclusion o S abili y: Access o Bank Deposi s and he
Deposi G ow h du ing he Global Financial C isis, MPRA.
Kassem, T. (2014), Fo malizing he In o mal Economy, College o Managemen and Technology,
In e na ional Academy o Science, Enginee ing and Technology, Alexand ia, Egyp .
Kempson, E. and A kinson, A. (2004), Policy Le el Response o Financial Exclusion in De eloped
Economies: Lessons o De eloping Coun ies, Repo Commissioned by Financial Sec o Team,
Policy Di ision, Depa men o In e na ional De elopmen , The Pe sonal Finance Resea ch
Cen e Uni e si y o B is ol.
Khalil, A. (2018), “Digi al inancial inclusion in Egyp ”.
Kim, D., Jung-Suk, Y. and Kabi , H.M. (2018), “Financial inclusion and economic g ow h in OIC
coun ies”,Resea ch in In e na ional Business and Finance, Vol. 43, pp. 1-14.
Lenka, S.K. and Ba ik, R. (2018), “Financial inno a ion”. doi: 10.1186/s40854-018-0089-x.
Man inez, C. (2013), “Demand ac o s ha in luence inancial inclusion in Mexico: analysis o he
ba ie s based on he ENIF su ey”,BBVA-Resea ch, Vol. 22, pp. 13-37.
Mille , K. (2017), “Enhancing he inancial inclusion o women in he A ab wo ld. Mic o inance
ga eway”.
Mugo, M. and Kilonzo, E. (2017), “Communi y –le el impac s o inancial inclusion in Kenya wi h
pa icula ocus on po e y e adica ion and employmen c ea ion”, a ailable a : h p://
si e esou ces.wo ldbank.o g/KENYAEXTN/Resou ces/ERS.pd
Nadine, N. and Na a o, A. (2017), Financial Inclusion Measu emen in he A ab Wo ld, A ab
Mone a y Fund and Consul a i e G oup o Assis he Poo .
Nas , S. (2017), Access o Finance and Economic G ow h in Egyp , Wo ld Bank, Middle Eas , and No h
A ican Region, Wo ld Bank, Washing on, DC.
REPS
10,2
108
€
Onc€
u, S. (2015), “Measu ing inancial inclusion om he demand side”, IFC Bulle ins Chap e s, 38.
Pa k, C. and Me cado, R. (2018), “Financial inclusion: new measu emen and c oss-coun y impac
assessmen ”, ADB Economics Wo king Pape s Se ies. No. 539, Asian De elopmen Bank.
Pea ce, D. (2011), Financial Inclusion in he Middle Eas and No h A ica: Analysis and Roadmap
Recommenda ions, Wo ld Bank.
Ra allion, M. (2004), P o-Poo G ow h: A P ime . Policy Resea ch, Wo king Pape Se ies,
Washing on, DC.
Rhyne, E. (2013), “A global challenge: can we achie e inancial inclusion by 2020”.
Sa ma, M. (2008), “Index o Financial Inclusion”, Wo king Pape No. 215, Indian Council o Resea ch
on In e na ional Economic Rela ions.
Sa ma, M. and Pais, J. (2016), “Financial inclusion and de elopmen : a c oss coun y analysis”,Annual
Con e ence o he Human De elopmen and Capabili y Associa ion, New Delhi, pp. 10-13.
Singh, N. (2017), Financial Inclusion: Concep s, Issues, and Policies o India, Uni e si y o Cali o nia,
San a C uz.
Subba ao, D. (2013), “Financial inclusion: challenges and oppo uni ies”, Add ess deli e ed a he
Banke s Club in Kolka a on Decembe 9.
The Banking Associa ion Sou h A ica (2018), “Annual epo ”, a ailable a : h ps://www.banking.o g.
za/ epo s/basa-annual- epo -2018/.
Tues a, D. (2014), “Fac o s ha ma e o inancial inclusion: e idence om Pe u”,BBVA- Resea ch,
Vol. 2, pp. 14-90.
Tu 
egano, D.M.T. and He e o, A.G. (2018), “Financial inclusion, a he han size, is he key o ackling
income inequali y”,The Singapo e Economic Re iew, ISSN (p in ): 0217-5908 jISSN (online):
1793-6837, Vol. 63 No. 1, pp. 167-184 (Submi ed o publica ion).
Wo ld Bank (2015), “How o measu e inancial inclusion”, a ailable a : h p://www.wo ldbank.o g/en/
opic/ inancialinclusion/b ie /how- o-measu e- inancial-inclusion
Wo ld Bank (2018), “Towa d uni e sal inancial inclusion in China: models, challenges, and global”.
Wo ld Bank G oup (2013), “Global inancial de elopmen epo 2014: inancial inclusion”, Wo ld
Bank Publica ions, Washing on, DC, License: CC BY 3.0 IGO, a ailable a : h ps://
openknowledge.wo ldbank.o g/handle/10986/16238
Zins, A. and Lau en , W. (2016), “The de e minan s o inancial inclusion in A ica”,Re iew o
De elopmen Finance, Vol. 6, doi: 10.1016/j. d .2016.05.001.
Zulkhib i, M. and Ghazal, R. (2016), “Financial inclusion, go e nance, and ins i u ions: e idence om
de eloping economies”, IRTI Wo king Pape Se ies. WP/2016/03.
Fu he eading
Allen, F., e al. (2016), “A ican inancial de elopmen and inancial inclusion gaps”,Jou nal o A ican
Economies, Vol. 23 No. 5, pp. 614-642.
Demi guc-Kun and Klappe (2015), “The ox o d handbook o A ica and economics: olume 2:
policies and p ac ices, chap e 21: inancial inclusion in A ica; obs acles and oppo uni ies”.
Ga c
ıa-He e o, A. and Tu 
egano, D.M. (2015), “Financial inclusion, a he han size, is he key o
ackling income inequali y”, BBVA Wo king Pape No. 15/05.
Neaime, S. and Gaysse , I. (2018), “Financial inclusion and s abili y in MENA: e idence om po e y
and inequali y”,Finance Resea ch Le e s.
Pa k, C. and Me cado, R. (2015), Financial Inclusion, Po e y, and Income Inequali y in De eloping Asia.
Tues a, D., So ensen, G., Ha ing, A. and C
ama a, N. (2015), “Financial inclusion and i s de e minan s:
he case o A gen ina”,BBVA Resea ch, Wo king Pape no 15/03 (Submi ed o publica ion).
Financial
inclusion in
Egyp
109

Wo ld Bank (2013), “Le e aging inancial inclusion o p omo e economic de elopmen in Egyp ”,
a ailable a : h p://blogs.wo ldbank.o g/a ab oices/le e aging- inancial-inclusion-p omo e-
economic-de elopmen -Egyp
Appendix
In-dep h in e iews: inancial inclusion in Egyp
Pe sonal da a o he In e iewe :
AName
B Ins i u ion
C Posi ion
D Con ac s O ice Phone:
Mobile Phone:
E-Mail:
Ques ionnai e:
G oup o
Ques ions Ques ion Answe
1.De ini ion:
1. Wha de ini ion do you gi e o inancial
inclusion? Access, use, a ailabili y, o he …
1.
2. Wha is he sou ce o he de ini ion? 2.
2.Measu ing FI:
3. How do you measu e inancial inclusion? 3.
4. Do you ha e upda ed s a is ics? 4. Yes □ No □
5. I YES, Wha equency? 5.Mon hly □ Qua e ly □ Annually □
6. How does you ins i u ion measu e he
success o inancial inclusion and i s impac on
he economy and “ eal li e”?
6.
3.Ini ia i es:
7. Wha a e he mos ecen ini ia i es
unde aken o p omo e inancial inclusion?
7.
8. How do hese ini ia i es help in p omo ing
inancial inclusion?
8.
9. Wha a e he mos impo an a ge ed g oups? 9. Male □ Female □ S a -up □
Young □ Disad an aged □ Poo □
10. A e he e any inancial inclusion ini ia i es
add essed o MSME’s?
10. Yes □ No □
11. I Yes, which ones? 11.
12. Is he e any new o e o inno a i e p oduc s
and se ices o e he las yea ?
12. Yes □ No □
(con inued)
REPS
10,2
110
Co esponding au ho
Tagh eed Abdelaziz Hassouba can be con ac ed a : agh eedhassouba@ eps.edu.eg
Fo ins uc ions on how o o de ep in s o his a icle, please isi ou websi e:
www.eme aldg ouppublishing.com/licensing/ ep in s.h m
O con ac us o u he de ails: [email p o ec ed]
13. Who p omo ed hese ini ia i es? 13.
14. A e he e any inancial inclusion ini ia i es o
encou age en ep eneu ship?
14. Yes □ No □
15. I Yes, Which ones? 15.
16. In you opinion do you see a ole o he
inancial sec o o p omo e inancial inclusion
ini ia i es?
16.
4.The
oad ahead:
17.In you opinion wha should be done u he ? 17.
18.How do you in end o con ibu e o inancial
inclusion in he u u e?
18.
5.FI
Challenges
19.Wha a e in you opinion he cons ain s o
inancial inclusion?
19.
20.Do you hink inancial educa ion is an
impo an ac o o p omo e inancial inclusion?
20.Yes □ No □
21. I Yes OR No: s a e Why? 21.
6.Regula o y
amewo k o
FI:
22. Do you hink inancial inclusion should be
egula ed?
22.Yes □ No □
23.I Yes, S a e How? 23.
24.Should he e be a uni e sal inancial se ices
law o ensu e uni e sal access o inance o all?
24. Yes □ No □
25.I Yes, S a e Why? 25.
7.In e na ional
O ganiza ion
and FI:
26. Do you see any ole o he in e na ional
inance o ganiza ions?
26.Yes □ No □
27. I Yes, Which one? 27. WB □ IFC□ EBRD □ EIB □ O he s
□
28. Do you see a ole o he Eu opean Union? 28. Yes □ No□
29. I Yes, in you opinion which o hese a e he
mos impo an ?
29. p omo ion o p ojec s on inancial inclusion□
In e na ional pla o ms o capaci y building □
sha ing o bes p ac ices□ O he s □
Financial
inclusion in
Egyp
111