CBE and Foreign Ministry launch ‘Open Your Account in Egypt’ initiative
The initiative, part of the government’s efforts to address the needs of Egyptians abroad and streamline services offered to them, was launched during a ceremony attended by CBE Governor Hassan Abdalla and Minister of Foreign Affairs, Emigration, and Egyptian Expatriates Badr Abdelatty at the CBE headquarters.
The signing of the cooperation protocol was witnessed by senior officials, including Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU); Rami Aboulnaga, CBE Deputy Governor for Monetary Stability; Tarek El-Kholy, Deputy Governor for Banking Stability; Mohamed Aboumoussa, CBE Assistant Governor; and Amr Farouk, Head of EMLCU’s Technical Office.
The protocol was signed by Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs, along with Mohamed El-Etreby, CEO of the National Bank of Egypt, and Hisham Okasha, CEO of Banque Misr, in the presence of senior officials from the two banks and the CBE.
Under the initiative, Egyptians abroad will be able to open bank accounts with NBE or Banque Misr through Egyptian embassies and consulates. After completing and signing the required forms at the nearest diplomatic mission, the documents will be verified by the embassy and re-verified by the Ministry of Foreign Affairs in Egypt before being sent to the banks for processing.
CBE Governor Hassan Abdalla said the initiative marks a key step in boosting remittances through national banks, encouraging Egyptians abroad to invest in local saving instruments, and providing them with easier access to banking services.
He praised the pivotal role of the banking sector in supporting the national economy, adding that the initiative represents a practical solution to simplify banking transactions for expatriates and reduce transfer costs.
Abdalla added that the banking sector continues to coordinate with the Ministry of Foreign Affairs and relevant institutions to roll out additional initiatives for Egyptians abroad, including enabling instant remittance transfers to accounts in Egypt and further advancing digital banking services.