CBE Allows Minors Under 21 to Open Bank Accounts

The Central Bank of Egypt (CBE) announced on Tuesday that it will allow people of the age groups from 16 to 21 years to open bank accounts without the need for a joint or a custodial account.

The Central Bank stated that opening bank accounts for people of this age group does not contradict the provisions of civil and state law.

Meantime, CBE instructed banks to take into account that the banking services offered to youth are commensurate with the limits of their eligibility and the size of the risks associated, and to adhere to all relevant controls and instructions.

CBE stressed the importance of designing services that meet youth needs, which will positively reflect on enhancing financial inclusion.

The Central Bank emphasized that this trend comes in light of the state’s interest in paying special attention to youth and the state's keenness to integrate them into the banking sector.

The bank seeks to attract the largest segment of this age group to benefit from financial and banking services through banks.