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Central Bank to Allow 16 Year Olds Open an Account Without Guarantors

Central Bank to Allow 16 Year Olds Open an Account Without Guarantors

The Central Bank of Egypt is allowing 16 year olds to open an account with guarantors. This is part of a series of pandemic-fueled initiatives to make banking more accessible to the population.

The Central Bank of Egypt will allow young people from the age of 16 years old to open an account without a guarantor. This decision is part of a larger push by the bank to make their services more accessible to people of low income, especially in light of the Coronavirus pandemic. Over 20 such measures have been implemented, including the reduction of interest rates and the cost of cash transactions.