Egyptian Banks to Provide Free Account Openings to Enhance Financial Inclusion
All banks in Egypt will offer free account openings with no minimum balance starting Sunday, coinciding with International Women’s Day. This initiative aims to promote financial inclusion and is part of broader annual events endorsed by the Central Bank of Egypt to enhance financial literacy and accessibility. The CBE reports a rise in financial inclusion with increased account ownership among citizens.
Starting this Sunday, all banks in Egypt will begin offering free account openings with no minimum balance requirements, as part of a nationwide initiative aimed at enhancing financial inclusion. This program is particularly significant as it coincides with International Women’s Day and will be an annual event running from March 8 to March 31 each year starting in 2025.
The Central Bank of Egypt (CBE) has sanctioned this initiative as part of a wider strategy to improve financial inclusion throughout the entire year. Other notable events promoting financial accessibility include Arab Financial Inclusion Day (April 1–30), International Youth Day (August 1–15), Farmers Day (September 1–15), World Savings Day (October 15–31), and International Day of Persons with Disabilities (December 1–15).
According to the CBE, financial inclusion rose significantly, with 74.8% of eligible citizens possessing financial accounts in 2024, an increase from 70.7% in 2023. Since 2016, the nation has witnessed a remarkable 204% rise in financial account ownership, despite the growing number of eligible citizens. This increase is partially credited to the CBE’s policy to lower the minimum age for opening bank accounts from 16 to 15, aligning with the revised age for national ID issuance.
The CBE continues its efforts to promote financial inclusion by allowing banks to function beyond their branches to advance banking products and inform the banking affairs sector about their locations. Furthermore, directives have reinforced the necessity for new customers to open accounts without incurring fees or maintaining minimum balances while also encouraging the use of prepaid or debit cards for transactions.
In summary, the introduction of free account openings with no minimum balance by all banks in Egypt marks a significant milestone in advancing financial inclusion. This initiative, backed by the Central Bank of Egypt, aligns with various observances throughout the year designed to enhance financial accessibility among citizens. The continuous rise in financial account ownership reflects the success of these inclusion strategies, aimed at fostering a more financially literate and included society.
Original Source: www.dailynewsegypt.com
