Banks issue free accounts with no minimum deposit until 31 October

Ahram Online , Tuesday 15 Oct 2024

Starting Tuesday, 15 October, banks in Egypt are launching an initiative to offer free accounts with no minimum deposit requirement, valid until 31 October.

CBE

 

The move is part of the Central Bank of Egypt's (CBE) celebration of Global Financial Inclusion Week and World Savings Day.

In related news, Banque Misr and the National Bank of Egypt recently announced an increase in the foreign currency spending limit on credit cards for transactions abroad, now set at $5,000.

Additionally, the CBE has raised the daily cash withdrawal limit for individuals and corporations to EGP 250,000, while the maximum ATM withdrawal limit has increased from EGP 20,000 to EGP 30,000.

Furthermore, the CBE announced that banks are now authorized to offer financial inclusion accounts in foreign currencies, alongside the Egyptian pound.

Financial inclusion is on the rise in Egypt, with the number of financially included citizens aged 16 and above reaching 48.1 million out of an estimated 67.3 million citizens.

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