Egypt’s Banks to Implement Free Account Openings with No Minimum Balance

All banks in Egypt will offer free account openings without minimum balance requirements starting Sunday, coinciding with International Women’s Day. The Central Bank of Egypt supports this initiative as part of a broader strategy to enhance financial inclusion, with additional events planned throughout the year. Financial inclusion has increased significantly, with a notable rise in account ownership among eligible citizens.

Beginning Sunday, all banks in Egypt will provide free account openings without any minimum balance requirements, marking a significant step towards enhancing financial inclusion nationwide. This initiative, launched in conjunction with International Women’s Day, is set to take place annually from March 8 to March 31, and is the first of its kind for the year 2025.

The Central Bank of Egypt (CBE) has endorsed this initiative as part of a comprehensive strategy aimed at boosting financial inclusion over the course of the year. Numerous events are planned throughout the year to maintain momentum, including celebrations for 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, the statistics reflect a notable increase in financial inclusion: 74.8% of eligible citizens had financial accounts in 2024, rising from 70.7% in 2023. This remarkable progress translates to a 204% increase since 2016, despite the growing number of eligible individuals. Furthermore, this growth is partially attributed to the CBE’s decision to decrease the minimum age for opening bank accounts from 16 to 15, reflecting changes in the age for national ID issuance.

To further its financial inclusion objectives, the CBE has outlined various activities. These activities include permitting banks to function outside their conventional branches, thereby enhancing outreach for banking products. Prior directives emphasized the necessity of enabling new customers to open accounts without incurring fees or minimum balance requirements, as well as promoting the utilization of prepaid or debit cards for transactions.

In conclusion, the Central Bank of Egypt’s initiative to allow free account openings and eliminate minimum balance requirements represents a proactive measure to expand financial inclusion across the nation. This program, rooted in the improvement of access to banking services, aligns with a broader strategy that involves various events throughout the year. The impressive increase in financial account ownership further highlights the effectiveness of these efforts.

Original Source: www.dailynewsegypt.com