Egypt adopts new bank rules to promote financial inclusion

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Egypt adopts new bank rules to promote financial inclusion

STORY: Egypt adopts new bank rules to promote financial inclusion DATELINE: May 22, 2023 LENGTH: 00:01:00 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of banks and ATMs in Egypt STORYLINE: The Central Bank of Egypt (CBE) has introduced a new initiative that allows banks to open accounts without requiring a minimum deposit, Egypt's Al-Ahram newspaper reported on Sunday. In addition, the CBE is promoting the utilization of bank electronic wallets. According to the data of the CBE, the number of Egyptians holding Egypt Post accounts, mobile phone wallets, prepaid cards, and bank accounts combined has reached 42.3 million. This figure represents 64.8 percent of the Egyptian population above the age of 16, which amounts to 65.4 million citizens. The CBE reported last month a significant improvement in financial inclusion rates, which saw an 147 percent increase between 2016 and 2022. In 2022, the CBE launched its financial inclusion strategy for the p

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