March 25, 2021

Central Bank of Egypt directs for simplified bank account opening procedures

Facilities will be provided for small companies to open accounts

The Central Bank of Egypt (CBE), in coordination with the Egyptian Money Laundering and Terrorist Financing Combating Unit, has issued guidelines to banks on the application of simplified procedures for opening accounts.

The move will ease citizen access to current or savings accounts, under an economic activity segment, whether they are employed or self-employed.

This comes in light of President Abdel Fattah Al-Sisi’s directives to enhance financial inclusion, and the Egyptian state’s interest in all segments of society. It also aims to continue the state’s move towards financial inclusion, and encouraging citizens to open bank accounts.

The instructions include that, in the event that the data on identity documents, such as work or address, differ from the data provided by the citizen in the account opening form, it is sufficient to provide alternative documentation.

This includes a membership card, a professional licence, a tax card, or a document from the General Authority for Insurance or the Labour Office to prove the job. It is also possible to submit a utility bill or a lease contract to prove the address.

In the case of micro-enterprises, accounts can be opened even if the facility does not have a commercial register or licence using an ownership contract.

It is noteworthy that the guidelines focus on simple workers who were not able to deal with banks before, by using modern and realistic verification methods such as social media pages.


Categories : banking

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