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2024-11-11

Added 2024-11-11 · Updated 2026-09-12

Circular dated November 11, 2024 regarding opening accounts for youth from 15 years old instead of 16 years old up to 21 years old

The document amends the age threshold for opening bank accounts for youth without guardian approval from 16 to 15 years old, while maintaining the upper limit at 21 years old. This change aligns with the Minister of Interior’s decision No. 2240 of 2022, which lowered the age for issuing an identity card to 15. Banks are required to ensure that banking products provided to this age group are proportional to their eligibility limits and associated risks, and must adhere to all relevant controls and instructions.

Egypt

Central Bank of Egypt

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Cairo on: November 11, 2024 Mr. Chairman of the Board of Directors of the Bank. Greetings. After,,,

In addition to the periodic letter issued on January 27, 2021 regarding opening bank accounts for youth within the age group from 16 to 21 years without the need for the approval of the guardian and in light of the Minister of Interior’s decision No. 2240 of 2022 regarding amending some provisions of the ministerial decision No. 1121 of 1995 regarding the issuance of the executive regulations of the Civil Status Law, which includes amending the age for issuing an investigation card instead of an identity card to be 15 years old. 16 years old.

It was decided to allow the opening of bank accounts for youth within the age group of 15 years instead of 16 years

To 21 years without the need for guardian approval, taking into account that the banking products provided to them are proportional to their eligibility limits and the extent of the risks associated with them, as well as adherence to all relevant controls and instructions.

Please be kindly advised to adhere to the above.

Please accept with great respect,,,

Hassan Abdullah

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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