Egypt's central bank eases procedures to open accounts for individuals, micro enterprises

CAIRO - 5 October 2020: The Central Bank of Egypt (CBE), in cooperation with the Anti-Money Laundering and Terrorism Financing unit, announced Monday easing procedures to open bank accounts for individuals and owners of micro-sized enterprises to enhance financial inclusion.

In a statement, the bank said the new procedures allow new clients to open savings and current accounts by just a valid national ID number card.

As for the owners of micro-sized enterprises, they can open bank accounts under the name of economic activities to help them get needed funding.

The new procedures also included increasing the size of daily and monthly transactions for both individuals and owners of micro enterprises and craftsmen.

The new procedures come as part of the central bank's efforts to enhance financial inclusion and remove burdens blocking simple citizens and owners of micro enterprises from benefiting from banking services.