The right to open a bank account now law in Algeria
Since January 2nd, any person domiciled in Algeria is able to open a bank account, if they do not already own one.Since January 2nd, any person domiciled in Algeria is able to open a bank account, if they do not already own one.
This measure, granting the right to open a bank account, announced by the Bank of Algeria (BA), is part of a national policy of facilitating access to finance.
Currently, the country has a bank branch for every 25,000 people, which is less than half the rate of Morocco and Tunisia.
The law specifies that the only required documents to open an account are proofs of address and identity.
The law includes legal persons and minors not accompanied by their legal representatives, said La Tribune.
With regards to the right to have an bank account, the BA is committed to helping individuals find an alternative bank in the event that a bank has already refused to open them an account.
SMEs will also benefit from this new law. The decision of the BA ensures that request for a loan will be answered within 45 days.
"The facilitations included aim at improving the provision of basic banking services which the government finds particularly important in the development of financial inclusion," said the governor of the BA.