Banks in Egypt to offer free account openings with no minimum balance

All banks operating in Egypt will offer free account openings starting Sunday, with no minimum balance requirements as part of a nationwide initiative to promote financial inclusion. This initiative, which coincides with International Women’s Day, is the first of its kind for 2025, running annually from March 8 to 31.

The Central Bank of Egypt (CBE) has approved this initiative as part of a broader strategy to enhance financial inclusion throughout the year. Additional events will take place during the year, including those for Arab Financial Inclusion Day (April 1–30), International Youth Day (August 1–15), Farmers Day (September 1–15), World Savings Day (October 15–31), and International Day of Persons with Disabilities (December 1–15).

The CBE recently reported a significant rise in financial inclusion, with 74.8% of eligible citizens holding financial accounts in 2024, up from 70.7% in 2023. Since 2016, the country has seen a 204% increase in financial inclusion, despite an expanding population of eligible citizens. This growth is also attributed to the CBE’s decision to lower the minimum age for opening bank accounts from 16 to 15, in line with the revised national ID issuance age.

As part of its ongoing financial inclusion efforts, the CBE has outlined various activities, including allowing banks to operate outside their branches to promote banking products and inform the CBE’s banking affairs sector about their locations. Additionally, previous directives emphasized the importance of enabling new customers to open accounts without fees or minimum balance requirements and promoting the use of prepaid or debit cards for purchases.

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