Egypt : Bank customers granted limited period free account opening facilities to mark International Savings Day
- 19 October 2020 / News / 203 / Emerging Africa
Egypt’s banking sector has commenced with the provision of a range of facilities for customers to mark World Savings Day, which is celebrated annually over the last two weeks of October. The facilities will be available to interested customers for a period of 15 days, to mark the annual celebration.
Banks will present a package of financial and digital solutions that contribute to the growth of national awareness on the importance of savings. The awareness aims to highlight the direct and indirect impacts of saving on the national economy and sustainable development.
Since Thursday, banks have granted customers the ability to open savings accounts free of charge, simply by providing a copy of their national ID card. The savings accounts are also exempt from administrative fees and are not subject to a maximum limit for their opening by new customers.
Other services provided by banks as part of the World Savings Day include issuing direct and prepaid debit cards without fees, in addition to issuing electronic wallets for free.
In 2018, the Central Bank of Egypt (CBE) decided to define four financial inclusion activities throughout the year, aimed at motivating banks to open savings accounts for new customers for free and without administrative expenses. It also started encouraging banks working in the local market to issue electronic wallets, to stimulate nationwide financial inclusion and access to banking services.
Yehya Aboul Fotouh, Vice President of the National Bank of Egypt (NBE), said that his bank constantly supports financial inclusion and savings initiatives, especially for Egypt’s youth, by offering products that suit all their needs.
He added that the bank has a future savings account that is issued without issuance fees, aimed at customers between the ages of 16 to 50 years. The account allows the issuance of a Phone Cash wallet, exempt from issuance and annual expenses for a period of one year from the date of subscription to the wallet.
Akef Al-Maghribi, Vice Chairperson of Banque Misr, said that his bank will also participate in the activities of the International Financial Inclusion Week and the International Savings Day. As part of this, it will offer many benefits and activities, including allowing customers to open savings accounts and current accounts for new clients without fees, and with no minimum balance.
He added that Banque Misr will bear the stamp expenses necessary to open accounts. It will also issue cards, including an instant discount feature, the classic instant debit card, GO CARD, and BM CARD for free.