Algeria makes it easier for consumers to open a bank account
New measures have been introduced on January 2nd by the central bank of Algeria to facilitate the opening of a bank account for consumers.New measures have been introduced on January 2nd by the central bank of Algeria to facilitate the opening of a bank account for consumers.
The number of guarantees required to open a bank account has been reduced and applicants must now only present a proof of identity and residence in support of the request.
A note from the Bank of Algeria (BA) published by the newspaper La Tribune explains that banks must now send a certificate of refusal to the applicant if it decides not to open an account.
In response, the applicant may contact the BA to be referred to a bank within five days of receipt of the request accompanied by the certificate of refusal and the declaration on honour that the applicant has no bank account, the APS reports.
Banks may also limit the level of services provided to basic banking services: periodic statement, cash deposit and withdrawal at the counter of the bank holding the account, balance checking and access to a credit card.
These measures have been introduced to help develop the use of banking services in Algeria, which in 2011 only had 513 commercial bank accounts per 1,000 inhabitants, according to the BA.
The Association of Banks and Financial Institutions (ABEF) also reported a low banking rate in Algeria with one branch per 28,000 inhabitants, whereas this ratio stands at one branch for 12,000 inhabitants in Morocco and one per 9,000 inhabitants in Tunisia.