Egyptians Can Open Bank Accounts Without Minimum Deposit
Access to banking services is a crucial aspect of financial inclusion, enabling individuals to manage their finances effectively. However, freelancers in Egypt often face difficulties in opening bank accounts due to their unconventional employment status. Recognizing this challenge, Egyptian banks have taken a significant step forward by introducing initiatives that would help them. This progressive move aims to tailor banking services to individual needs and make them more accessible.
The Central Bank of Egypt announced a new policy: Egyptians can now open a bank account without minimum deposit or paying fees. This change is part of a larger initiative launched on April 27, aligned with Arab Day for Financial Inclusion. Among the initiatives is ‘Bedaya’ accounts, offering personalized banking services for individual needs and improved accessibility.
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Over the past few years, Egypt has made great strides in promoting financial inclusion. As a result, there has been a notable rise in the usage of transactional accounts among Egyptians, boasting a current user and owner count of over 42.3 million individuals. Moreover, the advancement in women’s participation has been particularly noteworthy. The recorded number of female account holders stands at 18.3 million, reflecting a remarkable growth rate of 210% since 2016.
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