Regulatory Alerts2020-10-04
Added · Updated
Circular dated October 5, 2020 amending some of the rules governing financial inclusion
The Central Bank of Egypt amends the rules for classifying financial inclusion products to exempt new customers opening traditional bank accounts from requiring prior approval from the Central Bank or the Anti-Money Laundering and Combating the Financing of Terrorism Unit, provided they are not classified as high-risk. The circular establishes maximum daily and monthly transaction limits and account balances for individuals (30,000 and 100,000 EGP respectively), micro-enterprises with documentation (40,000 and 200,000 EGP), and self-employed artisans or professionals without such documentation (30,000 and 100,000 EGP). These measures aim to facilitate financial inclusion for targeted groups, including micro-enterprises and artisans, by allowing account opening via identity documents and increasing transaction thresholds.