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A New Step to Bring Banking Services Closer to All Segments of Society

As part of its ongoing efforts to broaden the base of formal banking sector users, the Board of Directors of the Central Bank of Egypt (CBE) has approved the regulatory rules governing banks' use of "Banking Agents." This initiative aims to deploy financial services and streamline access, particularly in remote areas and villages lacking bank branches.

Diverse Services and Simplified Procedures for Citizens

The new regulations enable banking agents to offer a range of services on behalf of banks, most notably:

Verifying customer identity and records.

Facilitating account opening and data updates for citizens.

Receiving and submitting applications for various banking services.

These guidelines have been enacted with a strict emphasis on protecting bank customers' rights and ensuring the utmost confidentiality of their data and transactions.

A Robust Regulatory Framework and Supervision

The regulations establish the oversight framework for banking agency activities, defining the minimum standards and controls banks must adhere to. They also outline the procedures for obtaining CBE approval to conduct this activity and certify qualified banking agents.

Record Growth Rates for Financial Inclusion in Egypt

These regulatory instructions build upon previous state-backed initiatives that led to unprecedented milestones. Egypt's financial inclusion rate climbed to 79% by June 2026, registering a remarkable growth rate of 229% compared to 2016.