The Central Bank of Egypt (CBE) has issued a directive mandating banks to include simplified forms in contracts for banking products and services. These forms, provided as appendices, will outline the essential details of the offered products or services, including all associated expenses, commissions, and key terms and conditions. This move aims to enhance transparency and ensure customers have a clear understanding of their banking agreements. To facilitate the implementation of this decision, banks have been granted a six-month grace period to comply. According to the CBE, these appendices must also include any new provisions not originally specified in the contracts, provided that the customer's consent is obtained through a signature. This ensures that any updates or changes to the agreement are clearly communicated and acknowledged. The CBE emphasized the importance of declaring customers' financial rights, including the value of commissions and expenses for any banking product, as well as the applicable interest rates. Customers must also be informed of any changes to these rates in a timely manner. In addition, customers have the right to: * Request a copy of any document they have signed with the bank. * Seek clarification on any unclear points in banking contracts before signing. * Retrieve any submitted documents that the bank has rejected. * File complaints if issues arise with the bank. The CBE also issued a warning to customers against sharing personal or banking information. It stressed that banks will never request such information through phone calls, text messages, emails, or social media platforms. This reminder aims to safeguard customers against fraud and unauthorized access to their financial data. This new regulation underscores the CBE's commitment to protecting consumer rights and fostering a more transparent and secure banking environment in Egypt.
