The Central Bank of Egypt (CBE) approved formal regulations for digital financial identity and electronic Know Your Customer (e-KYC) services in line with the country’s digital transformation and financial inclusion strategy.
The system marks a qualitative leap in the delivery of digital banking services, allowing customers to open accounts and access banking products remotely without visiting branches, CBE Governor Hassan Abdalla said.
The system will also enable customers to approve terms and conditions electronically, use digital authentication instead of handwritten signatures, and update their personal data easily, saving time and effort while improving the customer experience and promoting financial inclusion.
The new regulations establish a comprehensive framework covering governance, the roles and responsibilities of stakeholders, technical and operational requirements, as well as data protection and cybersecurity standards, ensuring that services are delivered with maximum security and efficiency.
The move is expected to play a pivotal role in developing Egypt’s digital banking infrastructure, fostering innovation and strengthening the country’s position as a regional hub for fintech and digital finance.
