The latest reports in 2023 indicate that the Egyptian banking sector is the second largest one in Africa after South Africa. Egypt’s GDP in 2021 was approximately USD 403 billion and secured the third spot after South Africa and Nigeria. The World Bank has recognised the stability and tenacity of the Egyptian banking industry, which currently includes about 36 banks functioning within the nation. In March 2023, the banking industry had a value of EGP 9.2 trillion, up from EGP 1.4 trillion in the same month in 2014. The Egyptian banking industry attributes this to a high deposit growth rate, plenty of liquidity, and a low loan-to-deposit ratio.
Several foreign agencies have positively approved the Egyptian banking sector for its efforts to finance small and micro firms and for the steps it has taken to strengthen its lending system as a whole. With a solid financing structure, ample protective liquidity, robust profitability, and adaptable loan performance, the majority of Egyptian banks are currently safeguarding themselves against any unfavourable economic disasters in the future. Egypt has weathered some of the greatest economic downturns because of domestic capital creation and strict central bank rules.
The banking industry in Egypt has grown at an almost exponential rate. According to statistics, the number of credit card holders doubled and ATMs increased by more than three times between 2014 and 2022. According to the same report, in addition to the more than 700,000 private electronic points of sale held by businesses that provide electronic payment services, more than 50,000 points of sale were added between December 2014 and December 2022. With more than 4.5K branches nationwide, the Egyptian banking industry is poised for tremendous expansion in the foreseeable future.
Suez Canal Bank is one of the oldest banks in the Egyptian private sector, having opened its doors in 1978. It primarily provides enterprise, investment, and retail banking services. It is at the forefront among the best performers in the Egyptian banking industry and recognized by the Singapore-based magazine World Business Outlook as the winner of the Best Performing Bank Egypt 2023 category. World Business Outlook has also honoured the CEO of the Bank Mr. Hussein Refaie with the coveted award of Banking CEO of the Year Egypt 2023 (Mr. Hussein Refaie), for his relentless efforts and commitments as well as outstanding contributions in making the Bank a winner.
