'Open Your Account in Egypt' Initiative Launched for Expat Banking

The Central Bank of Egypt and the Ministry of Foreign Affairs Immigration & Egyptian Expatriates Affairs have launched the 'Open Your Account in Egypt' initiative, permitting Egyptians abroad to open bank accounts through diplomatic missions at major national banks. Under the initiative, Egyptians living abroad can open accounts with the National Bank of Egypt or Banque Misr by submitting forms at their nearest diplomatic mission, which then handles the verification and sends the application to the banks for processing. The goal is to streamline inbound remittances and encourage savings and investment via Egyptian banks. The move will also support lower transfer costs and improved financial services for Egyptians abroad. Expatriates interested in participating can visit the nearest embassy or consulate to begin the account-opening process.