The Central Bank of Egypt issued a new circular regarding allowing banks to open accounts for young people starting from 15 years old without the approval of the guardian.
The Central Bank said that in addition to the periodic letter issued on January 27, 2021 regarding opening bank accounts for youth within the age group from 16 to 21 years without the need for the approval of the guardian, and in light of the Minister of the Interior’s decision 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 for issuing an identity card to be 15 years instead of 16. years.
It was decided to allow the opening of bank accounts for young people within the age group from 15 years instead of 16 years to 21 years without the need for guardian approval, taking into account that the banking products provided to them are proportionate to the limits of their eligibility and the extent of the risks associated with them, as well as adherence to all relevant controls and instructions. Relevance.
