As part of the Egyptian government’s vision to address the needs of Egyptians working abroad and streamline the services provided to them, the Central Bank of Egypt (CBE) and the Ministry of Foreign Affairs, Emigration, and Egyptian Expatriates have launched the “Open Your Account in Egypt” initiative, in collaboration with the National Bank of Egypt (NBE) and Banque Misr.
H.E. Mr. Hassan Abdalla, Governor of the CBE, and Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration, and Egyptian Expatriates, witnessed the signing ceremony of the joint cooperation protocol to implement the initiative, which took place today at the premises of the CBE. The ceremony was attended by Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU); Mr. Rami Aboulnaga, Deputy Governor of the CBE for Monetary Stability; Mr. Tarek ElKholy, Deputy Governor of the CBE for Banking Stability; Mr. Mohamed Aboumoussa, Assistant Governor for the CBE; and Mr. Amr Farouk, Head of the Technical Office at EMLCU.
The protocol was signed by Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs, Emigration, and Egyptian Expatriates; Mr. Mohamed El-Etreby, Chief Executive Officer of NBE; and Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, with the presence of numerous senior officials from the CBE, the Ministry of Foreign Affairs, the National bank of Egypt, and Banque Misr.
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.
On this occasion, H.E. Mr. Hassan Abdalla, Governor of the CBE, stated 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.
Additionally, Mr. 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.
Furthermore, Mr. Abdalla pointed out 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 customers’ bank accounts in Egypt at any time, as well as advancing the digitalization of banking services to benefit all customers of the banking sector, both domestically and internationally.
From his side, Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration, and Egyptian Expatriates affirmed that the initiative aligns with the ongoing efforts to implement presidential directives aimed at providing comprehensive support and care to Egyptian expatriates. He also emphasized that this initiative complements a range of other programs led by the Ministry in collaboration with various government entities, 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.
Dr. 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.
