Egypt has a well-established financial sector that includes a mix of banks, insurance companies, investment firms, and regulatory bodies. These institutions play a vital role in supporting economic development, managing monetary policy, and providing financial services to individuals and businesses.
Here’s an overview of the main financial institutions in Egypt:
1. Central Bank of Egypt (CBE)
- The main regulatory authority for the banking sector.
- Manages monetary policy, interest rates, inflation control, and the Egyptian pound (EGP).
- Oversees commercial banks, foreign exchange reserves, and financial stability.
- Plays a key role in financial inclusion and digital banking development.
2. Commercial Banks
Egypt has over 30 licensed banks, including:
a. Public Sector Banks:
- National Bank of Egypt (NBE) – The oldest and largest bank in Egypt.
- Banque Misr
- Bank of Alexandria
b. Private Sector Banks:
- Commercial International Bank (CIB) – The largest private bank in Egypt.
- QNB AlAhli
- Arab African International Bank (AAIB)
- Bank Audi Egypt (now part of FAB Egypt)
c. Foreign Banks Operating in Egypt:
- HSBC Egypt
- Citibank
- Emirates NBD
- Barclays (formerly in Egypt, exited in recent years)
3. Investment & Development Banks
- Egyptian Arab Land Bank
- Industrial Development Bank
- Export Development Bank of Egypt
- These banks support industrial, agricultural, and export sectors through funding and credit facilities.
4. Non-Banking Financial Institutions (NBFIs)
- Include microfinance institutions, leasing companies, mortgage finance, and factoring companies.
- Regulated by the Financial Regulatory Authority (FRA).
5. Insurance Companies
- Both public and private companies offer life and non-life insurance.
- Major ones include:
- Misr Insurance Company
- Allianz Egypt
- MetLife Egypt
- AXA Egypt
6. Capital Market Institutions
- The Egyptian Exchange (EGX): The country’s main stock exchange, located in Cairo and Alexandria.
- Regulated by the Financial Regulatory Authority (FRA).
- Includes investment banks, brokerage firms, asset management companies, and mutual funds.
7. Financial Regulatory Authority (FRA)
- Supervises and regulates non-banking financial markets, including:
- Capital market
- Insurance sector
- Leasing
- Factoring
- Microfinance
- Mortgage finance
8. Fintech & Digital Payment Companies
- Rapidly growing sector.
- Includes mobile wallets, payment gateways, and financial apps like:
- Fawry
- valU
- Instapay
- Bee
- Supported by initiatives from the Central Bank to enhance financial inclusion.
