All banks in Egypt will offer free account openings with no minimum balance starting March 8, 2025, as part of a financial inclusion initiative by the Central Bank of Egypt. This initiative coincides with International Women’s Day and aims to enhance financial accessibility, alongside various events throughout the year addressing different sectors. The CBE reported a rise in financial account holders, reflecting a considerable increase in financial inclusion since 2016.
Beginning Sunday, all banks in Egypt will offer free account openings with no minimum balance requirements as part of a nationwide initiative aimed at enhancing financial inclusion. This significant initiative coincides with International Women’s Day and is a pioneering event for the year 2025, scheduled to occur annually from March 8 to March 31.
The Central Bank of Egypt (CBE) has sanctioned this initiative as part of a comprehensive strategy focused on promoting financial inclusion year-round. Several related events will be celebrated throughout the year, 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 from the CBE indicate a notable increase in financial inclusion, with 74.8% of eligible citizens possessing financial accounts in 2024, an increase from 70.7% in 2023. The country has experienced a 204% surge in financial inclusion since 2016, despite a growing eligible population. This progress has been further supported by the CBE’s adjustment to lower the minimum age for opening bank accounts from 16 to 15, reflecting changes in the national ID issuance policies.
The CBE’s commitment to enhancing financial inclusion includes various activities such as permitting banks to operate beyond their physical locations to promote banking products actively. Furthermore, prior directives have highlighted the necessity of enabling new customers to establish accounts without incurring fees or meeting minimum balance criteria, while also encouraging the adoption of prepaid or debit cards for transactions.
In conclusion, the nationwide initiative for free account openings with no minimum balance requirements underscores Egypt’s commitment to improving financial inclusion. Coinciding with International Women’s Day and supported by the Central Bank of Egypt, this effort aims to boost financial literacy and accessibility for all citizens. Continued activities and events throughout the year serve to further this objective significantly, contributing to the overall enhancement of the financial landscape in Egypt.
Original Source: www.dailynewsegypt.com
