SMART POLICY- Non-bank lenders could soon scrap service charges on financial products sold to customers aged 16-21 in a bid to promote financial inclusion, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement. Financial products that specifically target young people — including some insurance policies, microfinance loans, leasing and consumer finance — could be offered to under-21s at no service charge so long as the providers have in place appropriate risk mitigation protocols, he added.

Background: The decision comes after the Central Bank of Egypt instructed commercial banks to allow those under the legal age to open bank accounts without their parents or guardians’ consent and be allowed access to a limited number of banking services.

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