Banks operating in Egypt celebrate International Youth Day

Hossam Mounir
4 Min Read
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Banks operating in the Egyptian market are celebrating the International Youth Day as part of the Central Bank of Egypt (CBE) initiative “Youth Day”, one of CBE’s steps to achieve financial inclusion. The banks’ celebration lasts from 1 until 15 August.

Last Thursday, the International Commercial Bank (CIB) launched the Youth Offer to provide the best banking products and services designed to achieve financial independence for young people and help them have a better future.

As part of this offer, CIB will open accounts free of charge for youth and without annual administrative fees. Personal financing is also available with no administrative expenses for customers aged 31-52.

CIB also provides the option to obtain the CIB-ISIC prepaid card, an internationally recognised student identification card, in more than 130 countries, as well as a smart wallet application on mobile phones, which can be used to carry out daily financial transactions.

The Arab African International Bank (AAIB) has decided to open accounts for new customers without expenses or minimum deposit from 1 to 15 August in support of financial inclusion and the CBE initiative to open accounts for young people on the occasion of International Youth Day.

AAIB provides two different types of current accounts; interest-free and interest-bearing accounts to meet all of its customers’ needs.

Customers can open an account in Egyptian pound and foreign currencies. They can also apply for a debit card, whether Visa or MasterCard, as well as issue a check book for a balance of EGP 10,000 (or $3000) for issuing fees.

Customers can also access their accounts using direct banking (internet and phone banking) for free.

The minimum limit for opening a current account without interest in AAIB is EGP 5,000 (or $1000) or the equivalent in foreign currencies, and the minimum limit to open a current account is at an interest of EGP 10,000, or EGP 3,000 or equivalent in foreign currency.

AAIB also offers the Golden Saving Account through all the bank’s branches nationwide, up to more than 85 branches, with the possibility of withdrawing and depositing through the bank’s network of over 400 ATMs.

The minimum limit for opening a Golden Saving Account is EGP 5,000, £500, $500, or €500.

QNB Alahli has also announced offering new accounts with no expenses and minimum deposit for 15 days from 1 to 15 August.

The Housing and Development Bank (HDB) has decided to make all online banking transactions available through the “Floosy Mobile Wallet” application without any administrative fees.

Through this application, the bank allows money transfer, bills payment, and online shopping.

ElSayed ElKosayer, chairperson of the Agricultural Bank of Egypt (ABE), said his bank has started to open saving accounts and issue national e-payment card “Meeza” without administrative fees or minimum deposit, through the ABE branch network nationwide, up to 1,210 branches. It also comes in the framework of the bank’s participation in the Youth Day, sponsored by the CBE.

ElKosayer explained that the ABE is organising working groups for financial inclusion to visit weekly local markets in villages and youth centres, social clubs, universities, workshops, shops, coffeeshops, and agricultural cooperatives.

CBE has earlier set a list of activities to support financial inclusion, including outdoor activities, such as Women’s Day, Arab Day for Financial Inclusion from 10 March to 28 April, Saving Day from 15 to 31 October, and the Youth Day from 1 to 15 August.

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