Egypt has launched an initiative to make it easier for its citizens working abroad to open domestic bank accounts through its diplomatic missions, a move aimed at incentivising remittances and investment.
The Central Bank of Egypt (CBE) and the Ministry of Foreign Affairs, Emigration, and Egyptian Expatriates launched the “Open Your Account in Egypt” initiative in collaboration with the state-owned National Bank of Egypt (NBE) and Banque Misr.
A joint cooperation protocol was signed on Thursday at the CBE’s headquarters, witnessed by CBE Governor Hassan Abdalla and Foreign Minister Badr Abdelatty.
Under the initiative, Egyptians abroad can open an account with NBE or Banque Misr by visiting their nearest Egyptian diplomatic mission or consulate to complete and sign the account opening form. The diplomatic mission will verify the forms, which will then be re-verified by the foreign ministry in Egypt before being sent to the banks for processing.
“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,” CBE Governor Hassan Abdalla said in a statement.
He praised the banking sector for transforming the initiative into a practical solution that streamlines transactions and minimises fund transfer costs. He added that the sector remains committed to launching further initiatives to serve Egyptians abroad, including instant remittance transfers and the digitalisation of banking services.
Foreign Minister Badr Abdelatty affirmed that the initiative aligns with presidential directives to provide comprehensive support to Egyptian expatriates. He urged citizens abroad to capitalise on such initiatives, which are part of the incentives offered by the state to serve national interests and increase inbound remittances.
