Egypt’s banks waive account fees, minimum balance in April for inclusion drive

Banks across Egypt are offering free bank accounts with no minimum balance requirements through the end of April as part of a nationwide initiative to boost financial inclusion, as per a central bank statement on Thursday.

The campaign, launched in celebration of Arab Financial Inclusion Day, sees bank representatives stationed outside traditional branches — in universities, youth centres, clubs, and other public spaces — to provide easy access to banking services and financial education.

Services offered during the initiative include:

• Free account openings with zero minimum balance
• Issuance of prepaid and debit cards
• Activation of mobile wallets
• Access to internet and mobile banking
• Financial literacy sessions to raise public awareness

The move is part of the CBE’s broader effort to integrate more Egyptians into the formal banking system. The central bank is working closely with key partners such as the Ministry of Youth and Sports and the National Council for Women (NCW) to reach underserved communities and promote inclusive financial growth.

Attribution: Amwal Al Ghad English