Egyptian Banks Waive Fees & Minimum Balances Until End of April

The Central Bank of Egypt (CBE) has launched a nationwide initiative allowing citizens to open bank accounts without fees or minimum balance requirements until the end of April. This campaign, part of the Arab Financial Inclusion Day celebrations, is designed to make banking services more accessible to all Egyptians.

Under the CBE's supervision, participating banks are offering a suite of services during this period, including the issuance of prepaid and debit cards, activation of mobile and internet banking, and the launch of e-wallets. Additionally, educational programs are being conducted to raise financial awareness among the public.

To reach a broader audience, bank representatives are setting up stations outside traditional branches, targeting high-traffic areas such as universities, sports clubs, and youth centers. This outreach is supported by collaborations with the Ministry of Youth and Sports and the National Council for Women.

The CBE has outlined a calendar of themed financial inclusion activities throughout the year, focusing on various demographics, including women, youth, farmers, and people with disabilities. These efforts have contributed to a notable increase in Egypt's financial inclusion rate, which rose to 74.8% in 2024 from 70.7% in 2023, marking a 204% increase since 2016.