CBE allows banks to open accounts without minimum deposit

Ahram Online , Sunday 21 May 2023

The Central Bank of Egypt (CBE) has launched an initiative enabling banks to operate outdoors in all governorates across Egypt and open accounts without fees or minimum deposit, according to a press release on Sunday.

ATM machine.
ATM machine (Ahram Gate).


The CBE also encouraged holders of bank electronic wallets to activate and use them.

The central bank launched a series of financial inclusion initiatives during the Arab Day for Financial Inclusion on 27 April with the rubric “Increasing Financial Inclusion to Support the Efforts to Address the Climate Change Repercussions.”

Financial inclusion in Egypt

According to the World Bank's Global Findex Database 2021, only 27 percent of Egyptian adults (aged 15+) have bank accounts.

However, the number of Egyptians who have Egypt Post accounts, mobile phone wallets, or prepaid cards, in addition to bank accounts, has reached 42.3 million, which represents 64.8 percent of Egyptians above the age of 16 (65.4 million citizens), the central bank's data showed.

The CBE announced last month that financial inclusion rates improved between 2016 and 2022 by 147 percent.

In 2022, the CBE launched its financial inclusion strategy for 2022-2025 which sets key objectives and priorities for creating financial inclusion in the country.

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