Egypt's banks offer fee-free accounts with no minimum deposit until mid-August

Ahram Online , Tuesday 1 Aug 2023

From 1-15 August, customers will be able to open fee-free accounts at Egyptian banks with no minimum deposit required, in light of the Central Bank of Egypt’s (CBE) celebration of International Youth Day on 12 August.

People stand in the line outside NBE Bank in Cairo (Photo: Reuters)


This initiative is part of CBE’s efforts to boost financial inclusion by using social events to engage the banking sector.

These events also include celebrating Women’s Month and international day in March, and Arab Financial Inclusion Day in April.

According to the CBE, financial inclusion in Egypt has grown 147 percent from 2016 to 2022.

42.3 million of Egypt’s 65.4 million citizens aged 16 years and older have accounts in banks, the Egyptian Postal Service, or use mobile phone wallets or prepaid cards.

Last year in November, CBE launched its financial inclusion strategy for 2022-2025 that sets key objectives and priorities for creating financial inclusion in the country.

The strategy aims to safeguard the interests of its clients and enhance trust in the Egyptian banking industry while empowering individuals, businesses, and projects financially. It also seeks to promote entrepreneurship and startups.

Furthermore, the strategy aims to extend digital financial services and make it easier for the informal sector to access financial services, thus integrating them into the formal economy.

Financial inclusion is one of the cornerstones of Egypt Vision 2030 and is a key engine for attaining the vision’s sustainable development goals, chiefly the goals related to creating a competitive and diversified economy.

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