Beginning March 8, all banks in Egypt will provide free account openings with no minimum balance. This initiative, endorsed by the Central Bank of Egypt, is part of a strategy for financial inclusion. It coincides with International Women’s Day and aims to promote financial awareness through various upcoming events throughout the year.
Starting Sunday, all banks in Egypt will offer complimentary account openings without any minimum balance requirements, as part of a nationwide initiative aimed at enhancing financial inclusion. This initiative marks a groundbreaking effort for the year 2025, aligning with International Women’s Day, and will occur annually from March 8 to 31.
The Central Bank of Egypt (CBE) greenlighted this initiative as part of a comprehensive strategy to broaden financial inclusion throughout the year. Alongside this initiative, additional events are scheduled for various observances such as Arab Financial Inclusion Day in April, International Youth Day in August, and World Savings Day in October, among others.
Recent reports from the CBE indicate a notable increase in financial inclusion, with 74.8% of eligible citizens possessing financial accounts in 2024, a rise from 70.7% in 2023. Since 2016, the country has experienced a 204% growth in financial inclusion, reflecting successful strategies that address the growing population of eligible citizens. This advancement has also been facilitated by the CBE’s modification to lower the minimum age for opening bank accounts from 16 to 15 years, synchronizing it with the updated national ID issuance age.
To support its sustained financial inclusion efforts, the CBE has launched various initiatives, including permitting banks to engage beyond their branches to encourage the usage of banking products. Emphasis has been placed on enabling potential customers to open accounts without fees or minimum balance stipulations while promoting the adoption of prepaid or debit cards for purchasing purposes.
The initiative to offer free account openings with no minimum balance requirements in Egypt represents a significant step toward enhancing financial inclusion. With the support of the Central Bank of Egypt and various upcoming financial events, this effort aims to further increase the number of citizens accessing financial services, thus contributing to the economy. The impressive growth in financial inclusion observed in recent years underscores the effectiveness of these initiatives and regulations.
Original Source: www.dailynewsegypt.com
