Banque Misr and the National Bank of Egypt signed a cooperation protocol on Sunday, 26 October, with the Ministry of Foreign Affairs, Emigration, and Egyptian Expatriates Affairs as part of the Central Bank’s “Open Your Account in Egypt” initiative.
The initiative aims to simplify banking procedures for Egyptians working abroad, allowing them to open accounts in Egyptian pounds or U.S. dollars directly through Egyptian embassies and consulates in several countries, including Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, the United Kingdom, the United States, and Canada, using only a valid national ID or passport.
Account holders can access a range of banking services, including internet banking, balance inquiries, secure money transfers, and the purchase or redemption of savings certificates.
The initiative seeks to strengthen the connection between Egyptians abroad and their homeland, while enhancing financial inclusion and investment opportunities within Egypt’s banking sector.
Banque Misr CEO Hisham Okasha said the initiative reflects the bank’s commitment to supporting the state’s financial inclusion strategy and digital transformation goals, noting that it represents “a qualitative leap” in making banking services accessible to Egyptians abroad without the need to be physically present in Egypt.
Okasha added that Banque Misr continues to develop innovative banking solutions tailored to the needs of Egyptians worldwide, reinforcing confidence in the national banking system and promoting sustainable communication between expatriates and Egypt’s financial institutions.
The initiative comes as part of broader efforts by the Central Bank of Egypt to boost financial inclusion and attract more remittances, a key source of foreign currency for the country. Remittances from Egyptians abroad hit a record USD 32.6 billion (EGP 1.54 trillion) between March 2024 and February 2025, according to Central Bank data.
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