CBE allows new categories to open accounts

The Central Bank of Egypt (CBE) has announced that people between 16 and 21 years old are allowed to open banking accounts without the approval of their guardians.

The bank detailed in a statement on Tuesday 26/1/2021 that the decision is based on the provisions of the civil law.

It reiterated that the step is part of the State's efforts to pay attention to this category as well as the CBE's keenness to integrate this age group into the banking sector.

The bank directed that the banking products and their risks should be suitable for this category in terms of all relevant regulations, rules and instructions.