The Central Bank of Egypt (CBE) has introduced several new facilities for illiterate and elderly customers (65 years and older) to access banking services and products. The move is part of CBE’s plan to remove the obstacles and challenges faced by banking sector customers.
CBE instructed banks to update their databases to include the elderly category, as well as the illiterate customers when their data is updated.
Moreover, according to the new facilities, banks will accept stamps and fingerprints as alternatives to signatures for all banking procedures for this category of customers, following the due diligence procedures issued by the Anti-Money Laundering and Terrorist Financing Unit.
CBE also allowed customers to seek the help of an assistant within a bank’s branch, to help them fill out forms and applications. This will be done with the help of two bank employees, and witnesses if requested by the customer.
The facilities also included documenting the transactions carried out by illiterate customers after obtaining their approval, in audio or video, for transactions that take place within the branch. These records will be available and secured at any time. Additionally, a one-stop-shop service will be provided in all branches to offer all services to the elderly. They will also have the option of withdrawing cash inside the branch without waiting in line.
CBE also permitted banks to conduct home visits for the elderly to provide banking services, with the need to establish controls and procedures for these visits. Mobile electronic channels can also be used to reach them if needed.
