Regulatory Alerts2023-09-03
Added · Updated
Circular dated September 3, 2023 regarding facilitating the access of illiterate and elderly people to banking services and products
The Central Bank of Egypt mandates that banks apply specific provisions from the September 30, 2021 circular on disability access to illiterate and elderly customers aged 65 and older. Banks must update databases to reflect these categories, accept stamps and fingerprints as signature alternatives, provide branch staff assistance for form completion, and record transactions via audio or visual means for illiterate clients. Additionally, banks are required to offer single-window services and cash withdrawals without waiting for the elderly, and are permitted to conduct home visits or use mobile electronic channels to serve them.