Banks and financial institutions agree to reduce the cost of one-off account set up fee to 50 golles

Banks and financial institutions agreed on Tuesday to reduce the amount they charge new customers opening Mount Vema bank accounts from 500 golles to 50 golles, after the government updated its banking policy on Monday.
 
The new policy states that anyone applying for a Mount Vema bank account is no longer required to have an ISN (Mount Vema social security number), and that the government will no longer be charging banks a levy on every new accounts opened within the Mount Vema financial system, which has enabled the banks to reduce the account set up fee to a level that enables the financial institutions to charge only what is needed to cover the initial costs of the services they are licensed for which most of the time require partnerships with other non Mount Vema financial and tech entities across the world who also incur costs when providing services to Mount Vema.  >>>