In a groundbreaking initiative, the Central Bank of Egypt (CBE) announced on Monday that individuals aged 15 and older can now open bank accounts without parental consent, according to Ahram Online.
This strategic decision is part of Egypt’s ongoing efforts to enhance financial inclusion nationwide. Financial inclusion represents a fundamental component of Egypt’s Vision 2030, playing a vital role in achieving the sustainable development objectives outlined within this framework, particularly those aimed at fostering a competitive and diversified economy.
In October 2022, the CBE unveiled its financial inclusion strategy for the period from 2022 to 2025. The strategy aims to make financial services more accessible to all citizens through formal channels that offer affordable costs.
This initiative safeguards consumers’ rights while empowering them to manage their finances effectively. As defined by the World Bank, financial inclusion refers to the ability of individuals and businesses to access essential and affordable financial products and services—such as payments, savings, credit, and insurance—responsibly and sustainably. Notably, Egypt’s number of financially included citizens has grown significantly, rising from 17.1 million in 2016 to an estimated 48.1 million by 2024.
Additionally, the CBE has authorized banks to offer financial inclusion accounts denominated in foreign currencies alongside those in the Egyptian pound.
