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.
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Investing in Egypt’s Startup Ecosystem
Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.
