Beginning March 8, 2025, all banks in Egypt will offer free account openings without minimum balance requirements as part of a national financial inclusion initiative approved by the Central Bank of Egypt. This initiative coincides with International Women’s Day and aims to improve financial access throughout the year, with various events planned to encourage engagement in financial services. A recent CBE report shows a rise in financial inclusion, indicating positive trends in account ownership among citizens.
All banks in Egypt will begin offering free account openings with no minimum balance required starting this Sunday, as a significant part of a national initiative designed to enhance financial inclusion. This effort coincides with International Women’s Day and marks Egypt’s first initiative of its kind for the year 2025, running annually from March 8 to March 31.
The Central Bank of Egypt (CBE) has sanctioned this initiative as part of a comprehensive strategy aimed at improving financial inclusion throughout the year. The program includes additional events tied to significant dates, such as 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).
Recent reports by the CBE highlight a notable increase in financial inclusion, with 74.8% of eligible citizens holding financial accounts in 2024, a rise from 70.7% in 2023. The overall financial inclusion rate has surged by 204% since 2016, despite a growing population of eligible individuals. This progress can be traced partly to the CBE’s decision to lower the minimum age for opening bank accounts from 16 to 15, adapting to changes in the national ID issuance age.
In addition to the initiative for free account openings, the CBE’s financial inclusion efforts involve various activities, such as permitting banks to engage customers outside of traditional branches and asking banks to keep the CBE informed about their outreach locations. Furthermore, previous guidelines have reinforced the necessity for new customers to establish accounts without incurring fees or meeting minimum balance requirements while encouraging the use of prepaid or debit cards for everyday purchases.
In conclusion, the Central Bank of Egypt’s initiative to provide free account openings with no minimum balance underscores a commitment to enhancing financial inclusion. This effort is essential not only for empowering citizens but also for the overall economic development of Egypt. The substantial rise in financial account ownership and the strategic focus on financial education and accessibility further demonstrate the effectiveness of these measures in fostering a more inclusive financial environment.
Original Source: www.dailynewsegypt.com
