The Determinants of Financial Inclusion in Egypt
International Journal of Financial Research, Vol. 11, No. 1; 2020
14 Pages Posted: 23 Jun 2021
Date Written: October 21, 2019
Recently, Egypt has prioritized financial inclusion in its monetary reform agenda. The objective of this paper is to examine the determinants of financial inclusion in Egypt using the World Bank¡¯s Global Findex 2017 database to conduct a logistic regression. Empirical results prove that there is no significant relationship between gender and the level of financial inclusion in Egypt, whereas, richer, more educated and older individuals are more strongly included in the financial system. The results reveal that the main barrier to financial inclusion is actually a lack of money; which hinders opening a formal account, savings account or credit account. Through possible policy measures, the paper recommends the need for a progressive approach to robust financial literacy and awareness in order for a positive economic growth role of financial inclusion to emerge in the Egyptian economy.
Keywords: inancial inclusion, financial literacy, economic development, financial determinants
JEL Classification: G1, G21, G28, J16
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