All banks in Egypt will provide free account openings with no minimum balance starting March 8, 2025, aiming to enhance financial inclusion as part of a broader strategy endorsed by the Central Bank of Egypt. The initiative aligns with several financial awareness events throughout the year. Recent statistics indicate a rise in account holdings among citizens, attributed to reduced age requirements for account openings.
Starting Sunday, all banks in Egypt will offer free account openings with no minimum balance as part of a national initiative aimed at enhancing financial inclusion. This initiative coincides with International Women’s Day and marks the first occurrence for the year 2025, running annually from March 8 to 31.
The Central Bank of Egypt (CBE) has endorsed this initiative as part of a comprehensive strategy to foster financial inclusion throughout the year. Additional events scheduled include 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 data from the CBE indicates a notable increase in financial inclusion, with 74.8% of eligible citizens having financial accounts in 2024, up from 70.7% in 2023. Since 2016, financial inclusion has surged by 204%, even as the population of eligible citizens continues to grow. This advancement is partially due to the CBE lowering the minimum age for opening bank accounts from 16 to 15, aligning with updates in national ID issuance age requirements.
To further its financial inclusion goals, the CBE has proposed diverse activities, such as allowing banks to operate in various locations beyond their branches to promote banking products. Additionally, it has prioritized making it easier for new customers to open accounts with no fees or minimum balances and encouraged the use of prepaid or debit cards for transactions.
The initiative by Egyptian banks to offer free account openings with no minimum balance marks a significant step in enhancing financial inclusion. By promoting this initiative during key campaigns throughout the year and lowering the age requirement for account openings, the CBE aims to foster better access to financial services among citizens, leading to increased participation in the banking sector.
Original Source: www.dailynewsegypt.com
