Egypt's Internet Penetration Growth Benchmark 2013-2022

Egypt is a large emerging market consisting of a young consumer base. In the past 10 years Egypt has dramatically improved its internet penetration rates, growing from 29% in 2013 to reach over 70% today. Although it is not as high as the penetration rates found in Gulf Nations, which are close to 100%, it is higher than internet penetration rates in Sub-Saharan Africa, which stands at only 36%. Although Egypt is ranked 86th globally for internet speeds, it has ranked on top among all African countries. Smartphone penetration is at 95%, but it should be noted that only 50% of Egyptians use social media and only 15% conduct any form of banking activities electronically. In fact, 35% of Egypt’s population is unbanked – providing great opportunity for Fintech Startups in the country.