Empowering Women’s Financial Futures

Edited by: Hend Elsagheer

Egyptian banks announced on March 8 that free saving accounts for women would be available until the end of March in honor of International Women’s Day. 

This announcement has piqued the interest of many people, specifically women, as, according to the Commercial International Bank (CIB) in Egypt, only 27 percent of women have a bank account, compared to 39 percent of men. 

Banque Misr announced on March 8 that the bank is eager to deliver several perks and free offers to all clients, particularly women and young people, who they said comprise the largest segment of society.

“I think that this decision will empower women in Egypt. It will enhance the relationship between women and banks, as many women have never been exposed to dealing with banks,” explained Samar Khaled, branch manager at Qatar National Bank AlAhli (QNB).

Khaled explained that the savings account offers an attractive interest rate with zero fees, and the accompanying debit card is also free. The account can be used for all digital payments, whether online or through InstaPay. 

“This decision will affect women’s financial behavior to start using digital payments to earn savings and to be in the market more,” said Khaled.

Ahmed Alyouby, who works at the National Bank of Egypt (NBE) in the credit card Business Development and Portfolio Management Department, explained that the offer is a great opportunity for women to invest in banks and take loans.

“Such an initiative will increase the trust and engagement between the bank and its customers. It will also enhance the financial landscape for women in Egypt, as it will encourage many women to carry a debit card, not just cash; therefore, financial inclusion is set to increase,” said Alyouby.

Alyouby added that more women would be included in the banking process and that this would increase their financial awareness in general and keep them up to date with digital banking services