Regulatory Alerts2017-04-12
Added · Updated
Circular dated April 6, 2017 regarding the Arab Financial Inclusion Week
The Central Bank of Egypt mandates banks to participate in the Arab Financial Inclusion Week starting April 27, 2017, by establishing branches outside their premises in remote areas to offer suitable financial products. Banks are required to open new accounts for customers without fees or minimum balance requirements under the slogan "An Account for Every Citizen" and report the number of accounts opened. The circular also requires the distribution of informational brochures, media coverage, and the sending of SMS messages to telecommunications customers to promote the event and the fee-free account offerings.
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