• CBE issued new regulations allowing banks to establish mobile, fixed, and temporary service units beyond traditional branches nationwide.
• The units aim to expand financial inclusion, offering services like account opening, loans, transfers, cards, and financial literacy programs.
• The initiative supports Vision 2030 goals, empowering citizens, MSMEs, women, youth, and people with disabilities, while encouraging formal economy participation.

CBE

The Central Bank of Egypt (CBE) announced its issuance of new regulations that allow banks to establish service units outside their traditional branches. The aim is to encourage banks to expand geographically and provide their services across governorates nationwide. This is in alignment with Egypt’s Vision 2030 to achieve economic empowerment for citizens and expand the base of beneficiaries of financial and banking services.

These regulations intend to facilitate access for citizens and MSMEs to high quality banking services. It also aims to enhance financial awareness and literacy, particularly in areas where banks do not have branches. 

Banking Service Units

These banking service units will offer a wide range of services including opening accounts, updating customer data, and granting loans. It will also offer services that issue and deliver bank cards, process transfers and digital financial services. Additionally, it will offer cash withdrawal and deposit through ATMs. 

The regulations specify three types of banking service units:

1. Mobile units – such as buses or specially equipped vehicles.
2. Fixed units – small, low-cost banking outlets that can be set up inside youth centers, agricultural associations, or commercial outlets.
3. Temporary units – used to provide financial literacy, promote banking services, offer advisory services, and deliver certain banking functions.

With this, the Central Bank of Egypt (CBE), is taking a step in response to the needs of the Egyptian market. This is by introducing new models to expand the reach of banking services across governorates. It also supports CBE’s efforts to achieve financial inclusion for the largest possible number of citizens, especially women, youth, and people with disabilities. 

Additionally, the initiative encourages informal economic activities to transition into the formal economy. It also supports entrepreneurs, and reinforces the banking sector’s role as a key pillar in driving economic growth and sustainable development.