Circular dated March 19, 2023 regarding the possibility of a mother opening accounts or linking savings funds in the names of her minor children

The Central Bank of Egypt confirms that mothers are permitted to open bank accounts or link savings instruments in the names of their minor children, provided the funds are donated by the mother as a gift in accordance with Article 3 of Law No. 119 of 1952 on Guardianship Rules. Banks are instructed to adhere to this provision and address complaints regarding the refusal to open such accounts or restrict transactions to gift accounts only.

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Cairo, March 19

Dear Sir, Chairman of the Board of Directors,

Greetings,

In the context of efforts to monitor the problems and challenges faced by women during banking transactions, and in light of the receipt of numerous complaints to the Central Bank, the most prominent of which being the refusal by some banks to open accounts in the names of their children (minors), or to link savings instruments in their names, or to restrict the mother's transactions to gift accounts only.

I would like to emphasize the permissibility of the mother opening accounts in the names of her minor children or linking savings instruments in their names, provided that the money opened in the account or linked to the savings instrument is donated by her as a gift, in accordance with Article (3) of the Law on Guardianship Rules issued by Decree-Law No. 119 of 1952.

Please be kind enough to alert your staff to the necessity of complying with the above.

Accept my highest respect and appreciation,

Hassan Abdallah

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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works