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Financial inclusion demand-side determinants: analysis from Egypt

Miral Fahmy (Department of Economic Cooperation and Private Sector Development, Giz Egypt, Cairo, Egypt)
Hebatallah Ghoneim (Department of Economics, German University in Cairo, Cairo, Egypt)

Management & Sustainability: An Arab Review

ISSN: 2752-9819

Article publication date: 3 January 2023




Most research studies have examined financial inclusion from a supply-side perspective, which measures access and usage of formal financial services by banking outreach indicators, the number of borrowers and the availability of other financial services in a given area. However, this approach is often insufficient to nuance the degree of financial exclusion faced by segments of the population. This study's overall objective is to empirically examine demand-side determinants of financial inclusion.


This research examines the impact of these variables on the level to which an individual is financially included. Notably, the metric employed goes beyond the basic ownership of a bank account and measures the usage of financial services rather than just access. Quantitative data were collected through self-administered surveys targeting 456 individuals in Egypt in order to test the proposed hypotheses. Three different econometric models were tested using regression analysis.


The findings imply an insignificant relationship between financial literacy and financial inclusion. Results suggest that financial exclusion is associated with low trust in financial institutions, low-income level, low education level and being elderly, with a more substantial influence on income and education.


Egypt suffers from a lack of up-to-date demand-side data and data available at hand allow us to know very little about the factors underpinning financial inclusion. This study is contributing demand-side, up-to-date primary data, that provides multiple insights for Egypt regarding the subject, which helps provide answers and suggestions to policy implications.



The authors are thankful to the Journal Editor, Prof. Dr. Noha El-Bassiouny, and anonymous reviewer whose insightful comments made this paper clearer and better.


Fahmy, M. and Ghoneim, H. (2023), "Financial inclusion demand-side determinants: analysis from Egypt", Management & Sustainability: An Arab Review, Vol. ahead-of-print No. ahead-of-print.



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