2020-10-04

A circular dated October 5, 2020 amending some of the rules governing financial inclusion

The letter outlines recent amendments to the due diligence procedures for financial inclusion products and services in Egypt, which aim to enhance financial inclusion and facilitate access to banking services for individuals and small businesses. The changes include removing the requirement for bank approval when opening traditional accounts for new customers, easing account opening for micro-enterprises and self-employed individuals without a commercial register, and increasing daily and monthly transaction limits for individuals and micro-enterprises. The Central Bank of Egypt has approved these amendments to maximize the benefits of the issued regulations and facilitate banks' reach to the targeted segments.

Egypt

Central Bank of Egypt

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