The Central Bank issues new controls to facilitate guardianship transactions on minors’ accounts



The Central Bank of Egypt issued new controls to facilitate guardianship and guardianship transactions on minors’ accounts, allowing the guardian of minors’ accounts according to the origin of the guardianship decision, to pay the proceeds of certificates or pensions without requesting a disbursement decision from the prosecution or the competent court each time as long as the decision is included in the authorization to exchange periodically .

And the Central Bank stated in a letter addressed to banks this evening that the new controls allowed opening accounts in the names of minors with any of the banks chosen by the guardian, emphasizing that the exchange is based on a decision of the prosecution, while allowing access to statements of minors’ accounts without the need to request a permit from the prosecution Every time.

He said that these instructions came in light of the Central Bank of Egypt’s interest in financial inclusion, protecting customers’ rights, and working to create conditions that facilitate citizens to conduct their financial and banking transactions.

He added that in the context of monitoring the obstacles and challenges facing citizens, especially women, with regard to issues of guardianship over money, some obstacles related to conducting financial transactions on the accounts of minors were found as a result of the exaggeration in some requests that do not have a bank or legal basis, such as the difficulty of extracting the statements of their minor children’s accounts. And opening accounts in their names, as well as the difficulty of disbursing the monthly returns on savings, as well as the due pension.

The Central added that by studying the matter and in coordination with the concerned parties, it was decided to allow the guardian, according to the original guardianship decision, to carry out these transactions.

The article The Central Bank issues new controls to facilitate guardianship transactions on minors’ accounts, which was written in Al Borsa newspaper.