The Central Bank of Egypt (CBE) has introduced a new service for instant inquiry about the accounts of the deceased customers in all banks operating in the Egyptian market.
The bank has also signed an agreement that allows for electronic inquiries in traffic authority about the situation of vehicles purchased by credit facilities from commercial banks, when issuing bank letters for the renewal of traffic licenses and lifting ban on vehicles.
This comes within the framework of the CBE’s efforts to facilitate banking-related services for citizens, and to automate and simplify procedures to quickly ensure the provision of public services with minimal effort.
Amany Shams-Eldin, sub-governor banking operations, said that the new service is to inquire about the accounts of the deceased by an innovative application to respond to the customer immediately instead of the followed procedures, which require addressing all the banks operating in Egypt via mail to respond to the applying customer – a scenario that may take months.
She added that the request is submitted in the CBE’s branches through one of the legal heirs or under the power of attorney, in order to disclose the accounts of the deceased in the banks, with a copy of the hereditary information or a copy of the power of attorney that includes the disclosure of the deceased’s accounts in banks.
As for the instantaneous query service in traffic units about the situation of the vehicles owned by credit facilities of commercial banks, she pointed out that the CBE signed a cooperation agreement with the ministry of the interior and the Egyptian Company for Credit Information i-Score on June 12, 2019 to provide services in the field of credit facilities granted to vehicles.
She also noted that the agreement provides for automating the issuance of bank letters for the renewal of traffic licenses and lifting the ban on vehicles owned by credit facilities of commercial banks. This is in coordination with the parties to the agreement through the establishment of a database based on the national ID number / registry number and the license plate number to immediately update its status through the direct link between the general directorate of traffic information systems and banks through the network of i-Score.
Shams-Eldin said that the agreement allows the citizen to immediately inquire in traffic units about the vehicle’s situation instead of the current paperwork cycle. The paperwork cycle would essentially require the issuance of letters from banks and takes at least 10 days to complete the procedures for renewing or lifting the ban on vehicle licenses.
The system is expected to be operational during the fourth quarter of this year after the completion of the link between the directorate general of traffic information systems of the ministry of the interior’s “Specialized Police Sector” and i-Score.