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Wednesday, 27 January 2021

Hey kids, want a bank account?

SMART POLICY- Folks under the age of 21 can now open bank accounts without their parents or guardians’ consent, the Central Bank of Egypt (CBE) said in a statement cited by state news agency MENA. Banks were directed to give those aged between 16 and 21 access to a limited number of banking services in a move the central bank hopes will increase the rate of financial inclusion.

Meanwhile, SMEs and agriculture players are being pushed further towards the digital light with a digital platform the Central Bank of Egypt (CBE) is working to set up to provide non-financial services, such as accounting, marketing, HR, and procurement support, CBE Governor Tarek Amer said. The platform could also help link different players in the agriculture industry to streamline their commercial operations, Amer said, without providing further information.

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