Middle East and Africa Polymer Banknote Substrate Market and Forecast to 2031 - Analysis by Geography (Egypt, Nigeria, Angola, Mauritius and Mozambique)

Egypt Polymer Banknote Substrate Market Size

As of April 2026, the Central Bank of Egypt confirmed that both paper and polymer versions of the EGP 10 and EGP 20 banknotes remain legal tender and continue to circulate simultaneously. Reflecting Egypt polymer banknote adoption trends EGP 10 20, Egypt introduced the EGP 10 polymer banknote in July 2022, followed by the EGP 20 polymer banknote in June 2023, both produced at the new Currency Printing House in the New Administrative Capital.

• More than two-thirds of Africa’s 54 countries print their currencies overseas, primarily in Europe and North America.

• Around 40 African countries rely on facilities in the UK, France, and Germany for banknote production.

In Egypt, circulated currencies included the gold Pound Sterling and Egyptian banknotes that were convertible to gold until August 2nd, 1914. On that date, a special decree established Egyptian banknotes as the official currency to address post-hyperinflation, making the Egyptian pound the basic unit of currency. This shifted the foundation of Egypt's monetary system to paper money, phasing out gold coins from circulation.

Middle East and Africa Polymer Banknote Substrate Industry Insights

Introduction of EGP 2 Banknote Amid Economic Challenges

In August 2024, Egypt announced plans to introduce a new EGP 2 banknote to address demand for smaller-value denominations. Total currency in circulation, excluding smaller-value notes, reached approximately EGP 1.08 trillion (around USD 22.6 billion), amid inflation of approximately 27.13%, reflecting the continued impact of inflation on Egypt currency issuance policy. The Central Bank of Egypt (CBE) maintained a high-interest rate environment, setting rates at 27.25% and 28.25% to curb inflation. During 2024, Egypt polymer banknote EGP 10 20 became widely circulated through banks and ATMs nationwide.

Nigeria Currency in Circulation and Cash Holdings

• Nigeria's total currency in circulation (CIC) stood at NGN 5.73 trillion (approximately USD 3.9 billion) during February-May 2026, remaining broadly stable over the period.

• Currency held outside the banking system amounted to NGN 5.21 trillion in February 2026, representing nearly 91% of total currency in circulation and reflecting a continued preference for cash despite ongoing cashless policy initiatives.

The Mozambican Metical (MZN) serves as the official currency of Mozambique and is issued by the Banco de Moçambique (Bank of Mozambique). As of 2026, the Mozambique mixed-substrate banknote strategy remains in place, with lower denominations (MZN 20, MZN 50 and MZN 100) printed on polymer substrate, while higher denominations (MZN 200, MZN 500 and MZN 1,000) continue to be printed on cotton paper. The latest banknote family was introduced on 16 June 2024 to mark the 50th anniversary of Banco de Moçambique and the 45th anniversary of the Metical.

Scope of the Study for Middle East and Africa Polymer Banknote Substrate Market

Makreo Research has published a comprehensive report titled " Middle East and Africa Polymer Banknote Substrate Market and Forecast to 2031 - Analysis by Geography (Egypt, Nigeria, Angola, Mauritius and Mozambique)" The study provides an in-depth assessment of the polymer banknote substrate market across Africa, examining historical market performance, polymer banknote adoption trends, currency circulation, banknote production, security features, and future growth opportunities. The report evaluates the transition from paper to polymer banknotes across key African countries and assesses the factors influencing substrate demand, technological advancements, and central bank initiatives.

The report begins by evaluating the overall development of the market, focusing on key structural elements shaping the industry, including-

Market Overview and Country Assessment

• The study provides a comprehensive analysis of the Africa polymer banknote substrate market, covering historical market developments, the current market landscape, and the Middle and East Africa polymer banknote market forecast through 2031.

• It examines the adoption of polymer banknotes across major African economies, assessing implementation timelines, central bank initiatives, and key factors driving substrate demand.

Polymer Banknote Production, Circulation and Security Feature Analysis

• A dedicated section analyzes banknote production, currency circulation trends, denomination-wise analysis, and the evolution of polymer banknotes across the selected countries.

• The report evaluates substrate characteristics, printing technologies, banknote security features, Counterfeit prevention, and recent innovations in polymer banknote manufacturing.

Country-Level Polymer Banknote Market Analysis

• The report provides detailed country-wise analysis for Egypt, Nigeria, Angola, Mauritius, and Mozambique, examining polymer banknote adoption, denominations in circulation, substrate usage, currency management practices, and recent developments.

• It also evaluates central bank policies, printing activities, circulation patterns, and country-specific factors influencing polymer banknote substrate demand.

Middle East and Africa Polymer Banknote Substrate Market Future Outlook

The report concludes with the Middle East and Africa polymer banknote market forecast through 2031, highlighting expected adoption trends, technological advancements in banknote security, and emerging opportunities across key African markets.

Geography Assessed