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Closing the digital divide

Egypt has one of the highest unbanked populations in the world, with 67% of adults lacking access to financial services. In an initiative to expand financial inclusion nationwide, the Central Bank of Egypt (CBE) launched its Financial Inclusion Strategy 2022-2025, a national development plan focused on expanding access to financial services and developing financial literacy. At Vodafone Egypt, Vodafone Cash (VF Cash) has been at the forefront of the transformative shift in financial accessibility. Launched in 2013, the VF Cash e-wallet and financial services platform has been connecting citizens at every corner of the nation, ensuring everyone, both banked and unbanked, have readily accessible essential financial services at their fingertips. In this reporting year, VF Cash reached 16.4 million wallet holders, 5.4 million active monthly users, and transactions totaling an approximate EGP 649 billion annually. “Now that Vodafone Cash is available everywhere in the country, I am able to deposit and withdraw money from my wallet at any time and from any place, like the kiosk right beneath my house or my work. It’s a real convenience not to have to go to the Vodafone branch itself. Also, the fact that everyone knows about it makes life much easier.” one user noted. Today, VF Cash stands as a versatile financial solution, expanding beyond a platform of simple money transfers to a comprehensive offering covering all financial needs, from instalments and dues to online shopping and utility payments. The platform also offers worldwide payment acceptance through online virtual cards, as well as payment options for educational fees, including tuition fees, as well as supporting donations to over 80 NGOs. “Using Vodafone Cash, I receive gifts and offers. For instance, when I transfer money, I can get 10 extra pounds in gift wallet balance. Making multiple transfers can also earn me 20 or 30 pounds in net gift balance.” A beneficiary added.