CAIRO - 19 March 2023: The Central Bank of Egypt (CBE) issued explanatory instructions to the banking sector regarding the permissibility of the mother opening accounts in the names of her minor children, as well as the possibility of linking savings vessels to their names.
This is applied when the money with which the account is opened or linked to the savings vessel is provided by the mother as a donation, in accordance with what is required by Article Three of the Law of Guardianship over Money promulgated by Law No. 119 of 1952.
This comes within the framework of the CBE's continuous efforts to facilitate banking transactions for women; in order to promote financial inclusion in society by achieving gender equality in benefiting from banking services.
These instructions come in light of monitoring differences in the practices applied by some banks in this regard, including the lack of the right of the mother to open accounts in the name of her minor children or to link savings vessels to their names, or to limit the mother’s transactions to gift accounts only, while Article (3) of the Law of of Guardianship over Money stipulates that the money that is transferred to the minor by means of a donation is not included in the guardianship if the donor stipulates that.
The CBE announced that it is constantly working to remove all restrictions or difficulties that may prevent women from obtaining various types of banking services, through detailed studies and field surveys that are conducted periodically on banking sector clients, both men and women, in coordination with the concerned authorities.
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