Egyptians can say bye to Minimum Deposit

The Central Bank of Egypt (CBE) has announced that individuals can now open bank accounts without the requirement of a minimum deposit and without incurring any fees. This move is part of a broader set of initiatives introduced on 27 April in celebration of Arab Day for Financial Inclusion.

One of the initiatives is the introduction of various ‘Bedaya’ (beginning) accounts, which aim to provide tailored banking services and improve accessibility. The Bedaya current account, with a maximum balance of EGP 250,000 (USD 8,112.3), specifically targets freelancers who often face challenges in opening traditional accounts due to their unconventional employment status. Additionally, the Bedaya savings account aims to bring first-time banking customers in Egypt into the formal banking system.

Another initiative facilitated by the CBE is the Meeza prepaid card, which can be obtained by any individual holding a national ID, regardless of whether they have a bank account. This initiative aims to provide a payment solution for those who do not currently have access to traditional banking services.

Furthermore, the CBE’s smart wallet, offered by the Commercial International Bank (CIB), provides various services such as bill payments and fund transfers between wallets within the country.

Egypt has been actively promoting financial inclusion in recent years, with over 42.3 million Egyptians now using and owning transactional accounts. The number of women holding transactional accounts has also increased, reaching 18.3 million, reflecting a growth of 210% since 2016. As of 2022, the financial inclusion rate stands at 64.8%, indicating a significant 147% growth between 2016 and 2022.