CBE permits banks accounts for youth aged 15-21 without parental approval 

Updated 11/12/2024 2:40:00 AM
CBE permits banks accounts for youth aged 15-21 without parental approval 

Arab Finance: The Central Bank of Egypt (CBE) has directed banks to allow youth aged 15 to 21 to open bank accounts without requiring parental consent, Ahram Gate reported on November 11th.

Previously, the minimum age for youth to open bank accounts was 16. 

This follows the decision No. 2240 of 2022 by the Minister of Interior on amending some of the provisions of the Ministerial Law No. 1121 of 1995 regarding the issuance of the Civil Status Law’s executive regulations to lower the minimum age for obtaining a national ID card from 16 to 15. 

The CBE also advised banks to ensure all banking products offered to these young account holders are appropriate for their age and risk levels.

Additionally, banks must comply with all relevant regulations and guidelines concerning youth accounts.

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