CBE authorizes banks to open financial inclusion accounts
The Central Bank of Egypt (CBE) has granted banks permission to open financial inclusion accounts in foreign currencies for individuals and micro-enterprises classified as low-risk clients under categories A and B, as per the November 2023 circular. Banks are also authorized to issue direct debit cards in the same currency as these accounts, following CBE’s approval.
The CBE emphasized that daily and monthly transaction limits in Egyptian pounds will apply to these accounts, based on the exchange rate at the time of each transaction. Should these limits be exceeded, customer due diligence procedures from the Anti-Money Laundering and Terrorist Financing Unit’s February 2020 guidelines will be enforced.
This initiative aims to enhance regulatory compliance and integrate targeted bank clients into the formal banking sector, particularly those requiring foreign currency accounts.
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