2021-01-26

A circular dated January 27, 2021 regarding opening accounts for youth from 16 to 21 years old

In light of the Egyptian government's focus on giving special attention to youth, the Central Bank has been keen to integrate youth into the banking sector and attract a larger segment of this category to benefit from financial and banking services. Many meetings have been held to discuss the current situation in the Egyptian banking market regarding the legal position of opening bank accounts for youth between the ages of 16 and 18 without the need for parental consent. After studying the matter, it was found that there is no legal impediment to opening bank accounts for this age group, provided that the banking products offered to them are in line with the provisions of the Civil Code and the Law of Guardianship over Money.

Egypt

Central Bank of Egypt

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