Expanding services to malls
Mobile units would be permitted
Egypt has reportedly told its banks they can open small service units outside their offices as part of a policy encouraging lenders to expand operations geographically.
The Central Bank of Egypt (CBE) said in a circular the move would also allow bank customers to have access to services in remote areas of the North African country.
The circular, published in local media this week, said banks would be permitted to open small fixed-services units at cooperatives, malls, clubs and other places, in addition to mobile units in buses and trains.
The decision is within the framework of Egypt’s Vision 2030 to achieve economic empowerment for citizens and expand the client base of banking services, the CBE said.
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“The decision aims to facilitate access to high-quality banking services for citizens and micro, small, and medium-sized enterprises as well as to raise levels of financial awareness and education, especially in areas where there are no bank branches,” the central bank said.
The decision allows the new units to provide services such as opening accounts, updating clients’ data, providing credit, issuing bank cards, conducting transfers and digital financial services. Units will also be able to offer ATMs and financial consultations to individuals and small companies.
Egypt, with a population of 108 million, has the third-largest banking system in the Arab world after the UAE and Saudi Arabia, with assets standing at about $387 billion at the end of 2024. Deposits and credit totalled nearly $255 billion and $244 billion respectively, CBE data showed.