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CIB launches 'Bedaya' accounts to enhance financial inclusion in Egypt New product aims to facilitate managing business finances for companies, self-employed individuals with simplified account opening process
The Commercial International Bank – Egypt (CIB), has launched Bedaya accounts for self-employed individuals and micro and small business sectors. Bedaya accounts offer a simple and easy onboarding process and encourage unbanked segments of society to begin their banking journey, capitalizing on the Central Bank of Egypt's (CBE) financial inclusion efforts. Proof of income used to be a mandatory requirement to open a bank account, a prerequisite that precluded several segments of society who don't have access to jobs or a regular form of income. Bedaya accounts don't require proof of income or a minimum balance. "We hope that the launch of the new Bedaya accounts encourages unbanked sectors, such as housewives, youth, and micro and small businesses to use banking services. We want them to experience a seamless onboarding process with minimal paperwork to benefit from a variety of digital platforms, through which they can access banking services and control their finances on the go. They will also get the opportunity to issue debit cards, the ultimate shopping card, which provide a secure online experience, the ability to pay bills, and 24/7 access worldwide," said Rashwan Hammady, head of retail segments and products at CIB. "At CIB, we continuously strive to financially empower people and provide them with services that will make their lives easier," he added. Bedaya accounts are available to Egyptian nationals only. For individuals and freelancers, only a national ID is required to open an account, while for micro and small businesses, they can open an account with minimal paperwork.
