The Central Bank of Egypt (CBE) has simplified the procedures for opening bank accounts, giving banks more flexibility in dealing with customers and enhancing financial inclusion.
The move took place in cooperation with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
In a statement on Monday, the CBE said that the new procedures allow customers to open current or savings accounts as well as sign up for different types of certificates using the Egyptian national ID only.
Moreover, bank accounts for micro enterprises, self-employed individuals, and craftspeople will be opened under the name and category of economic activities. This would provide the customers with the opportunity to benefit from banking services, including obtaining the necessary financing for growing their businesses.
The amendments also included increasing the volume of daily and monthly transactions for micro enterprises, individuals, self-employed people, and craftspeople.
This is expected to raise the rates of use of available financial and banking services, which are flexible and represent a safety net for dealers, as they are used as an alternative to cash dealings.
The CBE said that the simplified processes come as part of measures to enhance financial inclusion, and facilitate easy access to financing methods for ordinary citizens. They are also to help owners of small businesses to overcome obstacles, in order to help them benefit from banking services, as well as obtain them in a safe and affordable manner.