The Central Bank of Egypt (CBE) has announced a significant increase in withdrawal limits for financial inclusion accounts, aiming to further enhance accessibility and economic participation among Egyptians. This move, detailed in a recent CBE circular, raises daily and monthly withdrawal limits for both individual and company accounts by 50%.
Under the new guidelines, individuals can now withdraw up to EGP 90,000 daily and EGP 300,000 monthly. Licensed micro-enterprises see their limits increased to EGP 120,000 per day and EGP 600,000 monthly, while unlicensed micro-enterprises and self-employed workers have their limits adjusted to EGP 90,000 daily and EGP 300,000 monthly.
This initiative is part of Egypt’s broader strategy to promote financial inclusion, which has seen substantial growth since the CBE launched its strategy for 2022-2025. The number of Egyptians holding transactional accounts has surged by 181% between 2016 and June 2024, with notable increases among women and small businesses.
Complementing this development, the CBE reported a sharp rise in remittances from Egyptians abroad, totaling $23.7 billion in the first ten months of 2024—a 45.3% increase from the previous year. This surge is largely attributed to economic reforms, including currency devaluation and a flexible exchange rate regime, under an agreement with the International Monetary Fund (IMF).
In a move to further streamline financial transactions, the CBE plans to expand the InstaPay application, enabling Egyptians in Gulf countries to remit money home easily. This digital initiative is expected to enhance financial inclusion by offering a faster and more secure alternative to traditional remittance methods, bolstering economic stability through increased formal financial system usage.
