Regulatory Alerts2021-04-22
A circular dated April 22, 2021 regarding emphasizing non-discrimination between customers and providing a quick and free mechanism for dealing with complaints.
The Bank of Egypt has followed the Financial Institution Directive (FID) issued by the European Banking Authority on 19 February 2019. This directive sets clear guidelines for how banks should handle their employees, ensuring that they can exercise their rights in accordance with principles of fairness, transparency, and data protection. The directive emphasizes treating all employees equally without any form of discrimination based on their social or educational backgrounds. In light of this, the Bank of Egypt has reinforced its commitment to gender equality across all financial operations, such as lending and collateralizing loans. They have also established a swift and free complaint process for employees, ensuring it is transparent, effective, and impartial."