CBE: Mothers Allowed to Open Accounts for Minor Children

The Central Bank of Egypt (CBE) has issued explanatory instructions to the banking sector that include an emphasis that gives the permission to a mother to open accounts in the names of her minor children or linking savings accounts to their names, if the money in the account is provided by her as a donation.

The Central Bank said in a statement on Sunday that this comes within the framework of its continuous efforts to facilitate banking transactions for women to enhance financial inclusion in society by achieving gender equality in benefiting from banking services.

It added that this came after the Central Bank monitored different practices applied by some banks in this regard, including the lack of the right of the mother to open accounts in the name of her minor children, or to link savings vessels to their names, or to limit the mother’s transactions to gift accounts only.

The Central Bank stated that it is working continuously to remove all difficulties or restrictions that may prevent women from obtaining banking services of all kinds.