Egypt launches new expat banking initiative to spur inflows

Egypt’s central bank and ministry of foreign affairs on Sunday launched a new initiative aimed at simplifying bank account opening procedures for Egyptians working abroad, as the government moves to attract more remittances through official banking channels.

The Open Your Account in Egypt Initiative, launched in cooperation with the National Bank of Egypt (NBE) and Banque Misr, allows Egyptian expatriates to open accounts remotely through Egyptian embassies and consulates abroad.

Under the new system, Egyptians can complete account opening forms at diplomatic missions overseas. The forms will be verified by the consulates and the Ministry of Foreign Affairs before being processed by the partner banks in Egypt.

CBE Governor Hassan Abdalla said the initiative would incentivise remittances through official channels and encourage Egyptians abroad to invest in domestic savings instruments. He added that it reflects the banking sector’s commitment to improving financial access and reducing money transfer costs.

The CBE governor also noted that further measures are in the pipeline, including the instant transfer of inbound remittances and expanded digital banking services for Egyptians living abroad.

Foreign Minister Badr Abdel-Atty said the programme aligns with presidential directives to strengthen engagement with Egyptians overseas, offering them streamlined financial and consular services. He urged expatriates to take advantage of the initiative, saying it would help “support national interests, increase remittance inflows, and contribute to Egypt’s economic growth.”

Egypt relies heavily on foreign currency inflows from its expatriate community, which total several billion dollars annually and represent one of the country’s key sources of hard currency alongside Suez Canal revenues, tourism, and foreign investment.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser