CBE: Egyptians can now get bank accounts with no minimum deposit or fees

CAIRO – 22 May 2023: The Central Bank of Egypt (CBE) has launched an initiative enabling banks to open accounts without fees or minimum deposit.

The CBE also encouraged e-wallet customers to activate and use their wallets, and providing and sponsoring financial education activities.

This is part of the CBE’s initiatives within the activities of the Arab Financial Inclusion Day, which is held on April 27 of each year and its activities extend for a full month.

The CBE has also been awarded the ISO 22301:2019 Certification in Business Continuity Management (BCM) from MSECB, a provider of quality certification and branding in the Middle East and North Africa region.

Last month, the CBE released a report that outlines that Egypt has 42.3 million citizens who own and use transactional accounts, representing 64.8% of the total 65.4 million eligible adults. Transactional accounts include bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards.

The CBE report showed an increase in financial inclusion rates reflecting a growth rate of 147% since 2016.