Banks operating in Egypt on Monday are now offering free bank accounts for new customers without any administrative fees or a minimum balance with identity ID, in celebration of the International Youth Day.
The Central Bank of Egypt has introduced a set of proposed activities that can be implemented during financial inclusion, during which banks allow to open a saving bank account, without administrative expenses or a minimum balance to open the account for new customers.
Banks provide different types of saving bank account, including: The regular account where customer is required to be at least 21 years old, and an account for young people from the age of 16, and most banks currently use it with the CBE allowing those who are have a national ID card to open bank accounts within limits of specific transactions.
By obtaining a free bank account, new users can obtains direct debit cards for free without expenses to deal with withdrawals and deposits through ATMs, as well as benefiting from electronic services, including mobile phone wallets, and the Internet banking, which helps to expand the banking base and consolidate banking culture and automation payments.
The Central Bank of Egypt allows banks during financial inclusion activities with a number of facilities, the most important of which is opening a bank account for new customers free of charge without expenses, issuing cards to customers and encouraging them to use them in purchase and payment operations, encouraging e-wallet customers to use and activating their wallets, in addition to providing and sponsoring financial education activities.
The financial inclusion initiative is one of the initiatives of the Central Bank of Egypt to attract non-dealers in the banking system to enjoy financial benefits and services.
This will also help implement several of the state’s goals including the mechanization of payments and the reduction of cash circulation.