Regulatory Alerts2018-04-29
Circular dated April 12, 2018 regarding Arab Financial Inclusion Day
Cairo, April 12, 2018 Dear Sir / Chairman of the Board We are delighted to announce that in accordance with the agreement made by the Central Bank and Arab Monetary Fund member banks in September 2015 on dedicating April 27 every year for Small and Medium Enterprises (SMEs) promotion, this year's celebration will last two weeks starting from mid-April till April 27. Some of the activities planned are: A) New accounts can be opened without fees or minimum balance, with a reduction of 50% on annual fees for those already in place by May 31. B) All branch managers will receive training and guidelines to help open new accounts for all citizens. C) Collaborate with the Egyptian Central Bank for media coverage about SME activities through electronic media. D) Send informative text messages to employees of telecommunication companies regarding the bank's initiatives to open new accounts without fees. E) Encourage electronic branch managers to activate and use their terminals. F) Please accept our appreciation for taking this important step, while we appreciate your continued attention to this issue. We also thank you for giving us the opportunity to work on this matter personally. G) With highest regards, Jamal Najm"