Banks operating in Egypt on Sunday resumed collecting fees on opening accounts (current or savings), adhering to the minimum account balance, for new customers after the end of the “People of Determination” event, one of the Central Bank of Egypt’s activities within the financial inclusion initiative.
What are the documents required to create a bank account?
New customers will need a copy of the national ID card to open a bank account, alongside signing the application to open an account and deposit the minimum balance – which varies from one bank to another and according to the type of account according to the policy of each bank.
Previously, the CBE announced a set of proposed activities to be implemented during financial inclusion activities including offering appropriate banking products, in addition to opening accounts for new customers without expenses and without a minimum deposit.
It also announced earlier that the financial inclusion rate in the Egyptian market rose to 67.3 percent by the end of June, bringing the financial inclusion rate over the past seven years to 161 percent.
Financial inclusion events this year
- Women’s Celebration from March 8 to 31, coinciding with International Women’s Day.
- Youth’s Celebration from August 1 to 15, coinciding with International Youth Day.
- Celebrating the Arab Financial Inclusion Day from April 1 to 30.
- Farmers’ Celebration from September 1 to 15, coinciding with Farmers’ Day.
- Savings Celebration from October 15 to 31, coinciding with Financial Inclusion Week and International Savings Day.
- Celebration of People of Determination from December 1 to 15, coinciding with the International Day of People with Disabilities.
