The Central Bank of Egypt (CBE) will now allow anyone to create an account without the requirement of a minimum deposit or a charge, according to a statement released on Sunday.
This is part of a bigger set of efforts launched on April 27 for Arab Day for Financial Inclusion. These initiatives include several ‘Bedaya’ (beginning) accounts designed to customize banking services to individual requirements and make them more accessible.
The Bedaya current account, which has a maximum balance of EGP 250,000 ($ 8,112.3) is targeted at freelancers, as they often face difficulties in opening accounts due to not being employed in the traditional sense.
Meanwhile, the Bedaya savings account aims to bring Egyptian nationals who are first-time banking customers into the banking system.
