CBE allows financial inclusion accounts in foreign currencies

The CBE has allowed the opening of foreign account currencies for individuals and micro, small, and medium enterprises (Categories A and B) specified in the circular issued on November 2023, who are classified as low-risk clients.

The central bank also announced that direct debit cards can be issued in the same currency as the accounts after obtaining the necessary approvals from the CBE to issue these cards.

The daily and monthly maximum limits established in Egyptian pounds, as stated in the circular dated November 2023, will apply to the mentioned accounts, converted at the prevailing exchange rate for each foreign currency at the transaction time.

For individuals, the daily limit of transactions on financial inclusion accounts, prepaid cards, and mobile banking, including withdrawals, transfers, and purchases, is EGP 60,000, while the monthly limit is EGP 200,000.

Moreover, the daily limits on financial inclusion accounts, prepaid cards, and mobile banking transactions of licensed micro-enterprises are estimated at EGP 80,000, while the monthly limits are valued at EGP 400,000.

Furthermore, the daily limits for unlicensed micro-enterprises, self-employed workers, and freelancers are estimated at EGP 60,000, while the monthly limit is EGP 200,000.

In 2022, the CBE launched its financial inclusion strategy for 2022-2025 to promote financial inclusion in the country.

The number of financially included citizens rose from 17.1 million in 2016 to 48.1 million in 2024.