Egypt Lowers Minimum Age for Bank Accounts to 15

The Central Bank of Egypt (CBE) has issued a new directive allowing young people aged 15 to 21 to open bank accounts without parental consent. Previously, the minimum age was set at 16. This new guideline aims to promote financial inclusion among younger Egyptians, granting them access to banking services earlier.

In an official letter addressed to bank leaders, Hassan Abdalla, Governor of the Central Bank of Egypt, emphasized that financial products offered to this age group should be tailored to their limited eligibility and the associated risk levels.

This directive follows a previous circular issued on January 27, 2021, which initially allowed individuals aged 16 and above to open accounts independently. It also aligns with recent amendments to the Civil Status Law, under which the Ministry of Interior lowered the age for obtaining a national ID card to 15 years, making this adjustment both timely and legally consistent.