Regulatory Alerts2024-11-11
A circular dated November 11, 2024 regarding opening accounts for youth from 15 years old instead of 16 years old up to 21 years old
In a letter dated November 11, 2024, the Cairo bank manager informs the Chairman of the Board of a change in the minimum age requirement for youth to open bank accounts without parental consent. Previously, the minimum age was 16 years, but following a decision by the Minister of Interior to amend the regulations for issuing identity cards, the bank has decided to lower the minimum age to 15 years. The bank emphasizes the need for appropriate banking products that match the youth's legal capacity and risk profile and adheres to relevant regulations and instructions.