Egypt’s c.bank urges banks to facilitate measures for opening new bank accounts

The Central Bank of Egypt (CBE) issued new set of regulations for banks to facilitate measures required for opening new bank accounts for citizens.

The CBE has set these new rules in coordination with the Money Laundering, Terrorist Financing Reporting Officer (MLRO).

The CBE said in a statement that all measures are meant to enhance financial inclusion and adhere to the needs of all societal categories, especially self-employed categories, business owners (individuals or corporates) and micro and small and medium-sized enterprises (MSMEs), in line with President Abdel Fattah al-Sisi’s directives.

Easing measures ensure entitled customers swift access to obtaining loans, saving certificates, payment and transfer transactions, along with other services meant to encourage citizens open banking accounts, provided that they are granted more flexibility, the statement added.