Banks operating in the Egyptian market will open savings accounts for new customers on Sunday, accompanied with charge-free e-wallets.
The decision stems from the verdict of the Central Bank of Egypt’s (CBE) guidance to encourage more of the society’s spectrum to be part of the official banking system, according to the Chairperson of the Agricultural Bank of Egypt (ABE), Elsayed Elkosayer.
The CBE has allowed banks to interact with citizens across the nation on a wider level, such as clubs, universities, associations, trade unions, etc to introduce the public to banking activities, Elkosayer said.
This comes within the framework of three events determined by the CBE to interact with citizens, including the celebration of the International Women’s Day and the Arab Financial Inclusion Day from 10 March to 28 April 2019, and the International Youth Day from 1-15 August 2019, and the World Savings Day from 15 to 31 October 2019.
In a letter sent to banks, the CBE pointed out the need for banks to sponsor financial literacy for different groups, giving priority to media coverage, and sending text messages to customers to encourage them to open savings accounts.
The ABE will set on Sunday a plan in the upcoming period to implement the CBE’s instructions, and the deployment plan to be carried out across the nation.