Egypt Banking & Financial Services Q1 2021
A large population and improving macroeconomic conditions create a positive background for Egypt's fast-growingbanking and financial services sector. Consolidation and improved regulatory oversight in the banking sector have led to strongerasset bases and declining levels of non-performing loans, while start-ups in the fintech sector are helping to broaden the reach offormal banking services in what is still a largely cash-driven society. Demand for investment products and insurance remainsrelatively low; however, an emerging middle class and the involvement of a greater number of overseas providers, those willing tonavigate a somewhat risky business environment, will help to drive uptake. The sectors do face the threat of Covid-19, however, asthe economic implications from its spread could hamper the industry's progression, in line with the economy's, with theconsequences already visible in some of the sectors. Although, to date, the country's economic performance has responded welldespite the pandemic's challenges.
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