In Egypt, cash is king, even when it comes to salaries. Of the 100 million-strong population, the World Bank estimates that just 10-15 per cent have a bank account, one of the lowest penetration rates in the world. Part of this has been the fault of the banking sector itself, whose offerings have been inadequate in their reach. Egypt has few banks branches and Automatic Teller Machines (ATMs) per capita, in comparison to countries with the same per-capita income, with most of these services concentrated in urban areas than in rural ones. In addition, state-owned banks, are slow to innovate and modernise and are poor in the products and services they offer, according to a study by the World Bank. The development of the financial sector has been proven to be vital for economic growth and creation of jobs in a country where the youth unemployment rate exceeds 30 per cent. Increasing access to financial services will also help to reduce Egypt’s 30 per cent poverty rate and economic inequality. So, with a mobile penetration rate of 102 per cent and 28 million smartphone users, it is through financial technology (fintech) that Egyptians have a better chance to access financial products and services.