Banks to Offer Free Accounts Without Minimum Balance Starting Oct 15th
This initiative, part of Global Financial Inclusion Week, will continue through October 31st.
From October 15th to the 31st, banks in the local market will allow customers to open accounts for free and without a minimum balance. Coinciding with World Savings Day, the initiative is part of Global Financial Inclusion Week, which aims to make banking more accessible to a broader segment of the population.
The Central Bank of Egypt has directed all participating banks to waive account fees and eliminate minimum deposit requirements for new customers during this period. Along with these accounts, banks will issue prepaid or debit cards to account holders and encourage active use of the cards for purchases and daily transactions, further promoting financial engagement.
This initiative is one of several financial inclusion events organized throughout the year to reach diverse groups within the community. Banks host activities to coincide with notable global and regional celebrations, including a Women’s Celebration from March 8th to the 31st, aligned with International Women’s Day, and Arab Financial Inclusion Day in April. Other events focus on youth in early August, farmers in mid-September, and individuals with disabilities in December, marking the World Day of People with Disabilities.
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