Egypt will initiate free account openings without minimum balance requirements across all banks, starting March 8, 2025, aligning with International Women’s Day. This initiative aims to enhance financial inclusion, supported by the Central Bank of Egypt (CBE) through various yearly events. Recent reports indicate a rise in financial account ownership among eligible citizens, marking significant growth since 2016.
Starting Sunday, all banks operating in Egypt will provide free account openings without any minimum balance requirements, as part of a nationwide initiative aimed at enhancing financial inclusion. This initiative is particularly notable as it coincides with International Women’s Day, marking a unique effort that will be observed annually from March 8 to March 31, 2025.
The Central Bank of Egypt (CBE) has endorsed this initiative as part of a comprehensive strategy to bolster financial inclusion throughout the year. Various events aimed at promoting financial inclusion will be held annually, such as those 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).
The CBE recently reported a marked increase in financial inclusion, revealing that 74.8% of eligible citizens possessed financial accounts in 2024, an increase from 70.7% in 2023. Since 2016, financial inclusion has surged by 204%, in spite of an expanding pool of eligible citizens. This growth is partly due to the CBE’s decision to lower the minimum age for opening bank accounts from 16 to 15 to align with the new national ID issuance age.
To further its financial inclusion objectives, the CBE has outlined several initiatives, including permitting banks to extend their operations beyond physical branches to promote banking products. Moreover, previous mandates have stressed the significance of allowing new customers to open accounts free of charge and without minimum balance stipulations, alongside encouraging the use of prepaid or debit cards for transactions.
In conclusion, Egypt’s initiative to offer free account openings without minimum balance requirements represents a significant step towards enhancing financial inclusion across the nation. The endorsement by the Central Bank of Egypt, along with annual events promoting financial literacy and access, indicates a strong commitment to improve the financial landscape for all citizens, thereby fostering economic growth and stability.
Original Source: www.dailynewsegypt.com
