Egypt’s central bank eases procedures for opening bank accounts
his move will allow banks to be more flexible with customers in a bid to promote financial inclusion
Egypt’s central bank has streamlined procedures for opening bank accounts in collaboration with the Money Laundering and Terrorist Financing Combating Unit.
This move will allow banks to be more flexible with customers in a bid to promote financial inclusion, according to a statement on Monday.
New customers can now open current or savings accounts using their national ID number only.
Micro-enterprises, self-employed people, and craftspeople will be able to open bank accounts under the name of their establishments and workshops which will allow them to finance their businesses.
In addition, the volume of daily and monthly transactions for micro-enterprises, individuals, self-employed people, and craftspeople have been raised.
