CBE Directs Egypt’s Major Banks to Facilitate the Process of Opening Bank Accounts for Foreigners

The Central Bank of Egypt has instructed banks to make it easier for foreign customers not residing in Egypt to open accounts, conduct transactions, and access various banking services while still adhering to the necessary regulations and due diligence procedures.

This decision, according to an article by Sada El Balad, aims to encourage banks to assist foreign customers in accessing basic banking services in Egypt and to address the challenges they may face.

The Central Bank emphasized that this step is taken to ensure the safety of the Egyptian banking sector while banks continue to implement due diligence measures.