CBE issues instructions to banks regarding mothers' possibility to open accounts for their minor children

The Central Bank of Egypt issued clarifying instructions to the banking sector, emphasizing that mothers can open accounts for their minor children or linking savings pools to their names, without specific amount of money to open the account.

According to what is stipulated in Article (3) of Guardianship over money law by Decree-Law No. 119 of 1952; stipulate that the transferred money to minor children by donation is not included in the guardianship if the donor stipulates that.

This came within the framework of CBE's continuous efforts to facilitate banking transactions for women to enhance financial inclusion in society by achieving gender equality in benefiting from banking services.

In addition to detailed studies and field surveys that are conducted periodically on banking sector clients of both genders, in coordination with the concerned authorities.

CBE confirms that it will continue its efforts to support financial inclusion and empower women economically, in line with the goals of Egypt's vision for sustainable development 2030 by achieving gender equality, increasing women's contribution to the domestic product and activating their important role in society as a whole.