To enhance financial inclusion, all banks in Egypt will begin offering free account openings for new customers starting this Sunday 9 March.
This initiative, running from 9-31 March, aims to encourage non-banking service users to join the financial sector as part of the Central Bank of Egypt’s (CBE) broader strategy to enhance financial inclusion across the nation.
Recent reports indicate a notable increase in financial inclusion, with 74.8 percent of eligible citizens holding financial accounts in 2024, up from 70.7 percent in 2023.
This growth reflects a 204 percent increase since 2016, driven in part by the CBE’s decision to lower the minimum age for opening bank accounts from 16 to 15.
New customers can easily open free accounts by visiting any branch of Egyptian banks with just their ID card.
In addition to this initiative, the CBE has planned various events throughout the year to enhance access to banking services, including activities surrounding Arab Financial Inclusion Day and International Youth Day.
As part of the initiative, banks will also adjust their working hours during Ramadan, operating from 9:30 AM to 1:30 PM for customer service, while employees will work from 9:00 AM to 2:00 PM, ensuring continued support for customers throughout the holy month.
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