Egypt eases banking access for expats with new initiative

Egypt’s Ministries of Foreign Affairs, the Ministry of Immigration, and the Central Bank of Egypt (CBE) announced a groundbreaking initiative to simplify banking access for Egyptians living abroad. Starting immediately, citizens can open bank accounts through their nearest diplomatic or consular missions.

Deputy Foreign Minister for Immigration Nabil Habashi explained that Egyptians expats can now visit their local embassy or consulate to open accounts with any Egyptian bank. The missions will certify their signatures and forward the applications to Egypt for final processing, eliminating the need for physical visits to Egyptian banks.

This initiative, launched under the directives of Foreign Minister Badr Abdelatty, aims to strengthen financial ties between Egypt and its diaspora. Initially targeting 20 countries with significant Egyptian populations, the new measures are designed to boost investments in Egyptian banking products and streamline remittances. Discussions are ongoing to expand and accelerate the rollout.

The move reflects Egypt’s commitment to leveraging its global diaspora for economic growth while offering them improved financial services and convenience.

Subediting: Y.Yasser