The Central Bank of Egypt (CBE) and the Ministry of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs launched the “Open Your Account in Egypt” initiative in cooperation with the National Bank of Egypt (NBE) and Banque Misr.
This initiative is in line with the Egyptian state’s vision to meet the needs of Egyptians working abroad and facilitate all services provided to them.
Under this initiative, Egyptians working abroad can open a bank account with NBE or Banque Misr by visiting the premises of the nearest Egyptian diplomatic mission or consulate to complete and sign the account opening form.
The embassies or consulates will verify these forms, which will then be re-verified at the Ministry of Foreign Affairs in Egypt before being sent to Banque Misr and NBE for account processing.
Incentivizing remittances
The Governor of the CBE Hassan Abdalla said that the initiative plays a vital role in incentivizing inbound remittances to national banks, encouraging Egyptians working abroad to invest their savings in Egyptian saving instruments, and providing them with seamless banking services.
Abdalla commended the pivotal role of the banking sector in supporting the national economy and its strides in transforming this initiative into a practical solution that meets the aspirations of many Egyptian expatriates—particularly by streamlining banking transactions with Egyptian banks and minimizing fund transfer costs to the country.
He noted that the banking sector remains committed to coordinating with the Ministry of Foreign Affairs and all relevant authorities to launch additional initiatives aimed at serving Egyptians abroad.
These include availing instant transfer of inbound remittances to customer bank accounts in Egypt at any time, as well as advancing the digitization of banking services to benefit all customers of the banking sector – domestically and abroad.
Egypt pledges its support to expats
Minister of Foreign Affairs Badr Abdelatty affirmed that the initiative aligns with ongoing efforts to implement presidential directives aimed at providing comprehensive support and care to Egyptian expatriates.
This initiative complements a range of other programs led by the ministry in collaboration with various government entities, he said, including initiatives focused on housing, agricultural lands, investment promotion, and insurance coverage.
Moreover, the ministry continues to digitalize and streamline consular services, as well as strengthening communication with Egyptians working abroad, regardless of their location.
Abdelatty urged Egyptians abroad to capitalize on these initiatives -which form part of the incentives offered by the state – in a manner that serves national interests, benefits citizens, and increases inbound remittances, thereby driving the national economy’s growth and reinforcing their contribution to Egypt’s ongoing development efforts.
