Circular Regarding Accounts Related to Guardianship of Money

Cairo on: September 30, 2021
To: The Chairman of the Board of Directors
Bank

Greetings,

In light of the Central Bank of Egypt's interest in financial inclusion, protecting customer rights, and creating conditions that facilitate their financial and banking transactions, and in view of the obstacles and difficulties faced by individuals, especially minors, regarding the guardianship of money, some obstacles related to conducting financial transactions on their accounts have become apparent. This includes the difficulty of obtaining bank statements for their minor children, opening accounts in their names, and the difficulty of disbursing monthly allowances for wards and the received pension.

Following the matter and in coordination with the relevant authorities, it has been decided to allow guardians to perform the following transactions:

• Disbursing allowances or pensions for wards until a decision is issued by the competent prosecution/court in each instance, provided that the decision permits disbursement on a temporary basis.

• Opening accounts in the names of minors in any of the banks chosen by the guardian, with an assurance that disbursement is done with the permission of the prosecution.

• Obtaining bank statements for minors upon a decision from the prosecution in each instance.

Please be kind enough to draw attention to adherence to the foregoing.

And please accept the utmost respect,
Gamal Negm