Egyptians Can Now Open Bank Accounts without a Minimum Deposit

The Central Bank of Egypt (CBE) will now allow individuals to open an account without the prerequisite of a minimum deposit and without a fee, according to an announcement made on Sunday, 21 May.

This comes in light of a larger set of initiatives that were launched on 27 April for Arab Day for Financial Inclusion. 

These initiatives include different ‘Bedaya’ (beginning) accounts with the aim of tailoring banking services to individual needs and making them more accessible. 

The Bedaya current account, which has a maximum balance of EGP 250,000 (USD 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.