CBE Facilitates Setting up Bank Accounts

The Central Bank of Egypt (CBE), in coordination with the Anti-Money Laundering and Terrorism Financing Officer (MLRO) issued regulations for banks to facilitate the procedures required to open bank accounts for average citizens.

The Central Bank said, in a statement on Wednesday, that new measures will be implemented to boost financial inclusion and commitment to the needs of all segments of society, especially self-employed and business owners, including Small and Medium sized Enterprises (SMEs), in accordance with the directives of President Abdel Fattah El-Sisi.

The statement added that the bank will ensure that customers wishing to obtain savings certificates, transactions and loans have access to their services in a shorter time. Other services will also be provided to encourage citizens to set up bank accounts, providing them with more flexibility.