By 
Egypt’s financial technology sector is experiencing unprecedented expansion, creating a dynamic ecosystem that now comprises over 177 fintech startups and Payment Service Providers (PSPs). Of these, 139 companies focus on fintech innovation, while 38 firms integrate embedded financial services into their technological offerings, reinforcing the country’s shift toward digital finance.
Over the past five years, Egypt’s fintech and PSP landscape has expanded 5.5 times, highlighting the sector’s rapid evolution and its increasing role in modernizing financial services.
A Diverse and Expanding Fintech Ecosystem
Egypt’s fintech industry spans 14 distinct subsectors, reflecting its broad innovation potential. Nearly 60% of fintech firms are concentrated in:
- Lending and alternative finance
- Payments and remittances
- Business-to-business (B2B) marketplaces
Other key areas contributing to this growth include data analytics, artificial intelligence (AI), open banking, insurtech, health tech, and personal finance management. This diversification positions Egypt as a leading fintech hub in the region, fueled by a growing demand for digital financial services.
The Rise of Financial Inclusion in Egypt
Egypt has witnessed significant improvements in financial inclusion over the past decade. In 2014, only 12% of the population and 14% of adults held bank accounts, ranking the country among those with the lowest financial account ownership globally, according to the World Bank. However, from 2016 to 2022, financial inclusion surged by 147%, with 42.3 million Egyptians (64.8% of eligible adults) holding transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.
This growth trajectory continued into 2023, with financial account ownership increasing to 46.9 million adults—representing 70.7% of the total adult population. Egypt’s financial inclusion rates now closely align with global figures, as 71% of adults in developing countries own financial accounts. Looking ahead, the number of digital payment users in Egypt is projected to reach 56.74 million by 2028, reinforcing the country’s transition toward a cashless economy.
Surging Adoption of Prepaid Cards and Mobile Wallets
The adoption of prepaid cards has grown significantly, with 43.8 thousand cards issued per 100,000 citizens, marking a 31% increase between 2020 and 2022. The market value of prepaid cards has followed a similar trajectory, recording a compound annual growth rate (CAGR) of 13.6% from 2019 to 2023. Future projections suggest an even faster CAGR of 15.2% from 2024 to 2028, with the market potentially growing from $2.75 billion in 2023 to $5.69 billion by 2028.
Similarly, mobile wallets have witnessed exponential growth, reaching 46.5 thousand wallets per 100,000 adults, reflecting a 54% increase over the same period. This rapid expansion underscores the increasing preference for digital-first financial services, further driving fintech adoption.
The Role of Fintech in Economic Transformation
Fintech solutions—including mobile payments, digital wallets, and microfinance platforms—are playing a pivotal role in integrating individuals and small businesses into the formal financial system. By offering secure, efficient, and cost-effective financial services, fintech companies are fostering broader economic participation, particularly among underserved populations.
As Egypt continues its digital transformation, the fintech industry is poised to reshape financial services, enhance financial inclusion, and contribute to long-term economic growth. The sector’s rapid expansion, coupled with an increasing reliance on digital transactions, positions Egypt as a key player in the regional fintech revolution, driving financial accessibility and innovation across the continent.
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