Regulatory Alerts2018-04-29
Added · Updated
Circular dated April 12, 2018 regarding Arab Financial Inclusion Day
The Central Bank of Egypt proposes extending Arab Financial Inclusion Day activities for two weeks in April 2018, requiring banks to open new accounts without fees or minimum balances and reduce annual fees by at least 50%. Banks are authorized to operate outside branches in remote or marginalized areas to open accounts and must report their locations and account numbers to the supervision sector by mid-May 2018. Additionally, banks must coordinate with the Banking Institute for financial literacy, display promotional banners, distribute informational brochures, and utilize social media and SMS to promote these initiatives.
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