Circular dated January 27, 2021 regarding opening accounts for youth from 16 to 21 years old

Cairo, January 27, 2021

Dear Chairman of the Board,

Greetings,

In light of the state's special interest in youth and the Central Bank's commitment to integrating youth into the banking sector and attracting the largest segment of this group to benefit from financial and banking services, several meetings were held with banks in the Egyptian banking market to discuss the current legal position regarding opening bank accounts for youth within the age group of 16 to 21 years without the need for guardian consent, as many inquiries have been received regarding this matter.

Upon studying the matter, it was found that there is no legal impediment to opening bank accounts for the aforementioned group, based on the provisions of the Civil Code and the Law of Guardianship over Property; provided that the banking products offered to them are commensurate with their capacity and the volume of risks associated with them, as well as compliance with all relevant controls and instructions.

In light of the above, it is necessary to focus on the aforementioned group of youth by designing products and services that meet their needs, which will positively reflect on financial inclusion rates. Please be kind enough to emphasize strict compliance with the above.

Please accept our highest respect and appreciation,

Gamal Naguib