This initiative will allow Egyptian citizens overseas to open bank accounts directly through Egyptian embassies and consulates.
Nabil Habashy, deputy minister of foreign affairs for emigration and Egyptian expatriates’ ambassador, indicated that the new procedure would enable Egyptians living abroad to open an account at any Egyptian bank of their choice at the nearest diplomatic or consular mission.
According to Habashy, the embassies and consulates will authenticate the citizen's signature, which will then be re-verified by Egypt’s authentication offices.
Once the document is processed, the bank will open the account and validate the client’s signatures without requiring them to appear in person at a bank in Egypt.
Meanwhile, Minister of Foreign Affairs Badr Abdelatty directed that diplomatic and consular missions abroad play an active role in providing this service.
He also highlighted the government’s continued efforts to support Egyptians abroad and facilitate their access to essential services in cooperation with relevant government bodies.
The initiative will first be implemented in 20 countries with large Egyptian communities as part of a phased rollout, the statement read.
Continuous meetings are being held with officials from CBE to ensure swift implementation.
According to the statement, the move is expected to encourage Egyptians abroad to invest their savings in Egyptian financial products and streamline their money transfers to Egypt.
Expat remittances
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), the number of Egyptian expatriates reached 11.09 million by the end of 2023.
Earlier in December, the CBE said it had launched a new service that enables the instantaneous receipt of inbound remittances and their immediate crediting to customers’ bank accounts.
This service is facilitated through the CBE’s instant payment network (IPN), marking a significant milestone in the country’s push towards a cashless society.
CBE noted that the action is a significant step toward modernizing Egypt’s financial infrastructure and promoting digital transformation.
Expat remittances are a key contributor to the country’s GDP and a main source of foreign exchange (FX) inflows.
According to the latest data published by the CBE, remittances from Egyptian expatriates increased by 42.6 percent in the first nine months of 2024 to approximately $20.8 billion, up from $14.6 billion during the same period in 2023.
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