Local banks open free fees accounts during financial inclusion week

CAIRO – 28 April 2017: Local banks have started to present special offers for new potential clients within the financial inclusion week, started Thursday, adopting an initiative to broaden their consumers base from various segments of society.

The Arab African International Bank (AAIB) announced a year without fees for probable clients who want to open new accounts starting from Friday until upcoming May 4, according to a Friday statement by AAIB.

“Today, Friday, all new accounts are exempt from the minimum and all fees; including the account opening fees, stamp duties and account statement fees, for one year from opening an account,” AAIB stated.

Financial inclusion means each individual or institution can have financial products suitable for their needs. Financial products include saving, current accounts, financing, credit, and other products along with financial services.

Central Bank of Egypt (CBE) announced last week the financial inclusion aims to allow all segments of society to have suitable opportunities to manage their finances and safely guarantee that citizens will not resort to unofficial means that are not subject to any form of supervision, which may expose citizens to fraud or excess fees.

The financial inclusion is also a main reason for economic growth and a state’s financial independence. The state’s economic situation will not improve as long as a large number of individuals and institutions are financially excluded from the official financial sector, CBE added.

Banque du Caire also announced in a statement Thursday that it will participate in the financial inclusion week with a package of encouraging offers including providing facilities for small and medium-sized enterprises such as opening accounts without any duties or fees. The bank also will issue credit cards without fees.