The Central Bank of Egypt (CBE) has allowed women to open accounts or savings vessels to their minor children, should the mothers provide the money as a donation.
This comes within the framework of the CBE’s continuous efforts to facilitate banking transactions for women and enhance financial inclusion by achieving gender equality in banking services.
The Central Bank noticed that some banks do not allow mothers to open accounts or savings vessels for their minor children or limit a mother’s transactions to gift accounts only, while Article (3) of the Law of the Guardianship over Money stipulates that the money that is transferred to a minor as a donation is not included in the guardianship, if the donor says that.
The Central Bank of Egypt is constantly working to remove all difficulties or restrictions that may prevent women from obtaining banking services of all kinds, through detailed studies and field surveys that are conducted periodically on banking sector clients of both sexes, in coordination with the concerned authorities.
In this regard, the Central Bank affirmed that it will continue its efforts to support financial inclusion and empower women economically, in line with the objectives of Egypt’s Vision 2030 for sustainable development.