The Central Bank of Egypt (CBE) gave the green light to four banks to go forward with issuing Aman life insurance certificates in line with directives of President Abdel Fattah El Sisi.
In a statement on Tuesday, the CBE said the four banks are the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.
The certificates are meant to secure insurance coverage for casual workers.
About 671,000 clients filed applications for the certificate at a total value of EGP 870.3 million until the end of January 2019, the statement said, noting that efforts are underway to cater for these requests.
Aman certificates were issued by Egyptian banks for the first time in March last year with the aim of providing a safety net for temporary and seasonal labourers.
About 775,000 clients have already bought the certificates at EGP 744.4 million, according to the CBE statement.