The Central Bank of Egypt (CBE) announced on Monday that banks will be allowed to open accounts for young people between the ages of 15-21, without the need for a guardian’s approval.
The CBE explained in a letter to banks that the banking products offered to them must be consistent with their eligibility limits and the extent of risks associated with it, while fully adhering to the relevant controls and instructions.
The CBE addressed the banks operating in Egypt regarding opening bank accounts for young people starting from the age group of 15 years instead of 16 years until the age of 21 years, without the need for the approval of the guardian.
The bank explained that this amendment comes in light of the decision of Interior Minister No. 2240 of 2022 regarding amending some provisions of Ministerial Resolution No. 1121 of 1995 regarding the issuance of the executive regulations of the Civil Status Law, which includes amending the age of issuing the ID card to be 15 years instead of 16 years.
Edited translation from Al-Masry Al-Youm
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