Regulatory Alerts2021-01-26
Added · Updated
Circular dated January 27, 2021 regarding opening accounts for youth from 16 to 21 years old
The Central Bank of Egypt permits the opening of bank accounts for youth aged 16 to 21 without requiring parental consent, based on the Civil Code and the Law of Guardianship over Property. Banks are required to design financial products and services appropriate for this age group's legal capacity and associated risk levels, while adhering to all relevant regulations to promote financial inclusion.
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