The Central Bank of Egypt’s Board of Directors (CBE) has approved regulations governing the Digital Financial Identity System, which enables banks to identify customers and verify their identities electronically through eKYC.

Governor of CBE Hassan Abdalla said the system marks a significant step forward in expanding access to digital banking services. It will allow customers to open bank accounts and access a wide range of banking products and services through digital channels without visiting a bank branch.

The system also enables customers to approve terms and conditions electronically, use electronic authentication instead of handwritten signatures, and update their personal information easily. This will save time and effort, provide faster and more secure access to financial services, enhance financial inclusion, and improve the overall customer experience.

The regulations establish a comprehensive framework for the Digital Financial Identity System, covering governance, the roles and responsibilities of all participating parties, technical and operational requirements, data protection, and cybersecurity controls. This will ensure that services are delivered in line with the highest standards of security and efficiency, as well as international best practices.

The new regulations represent a key milestone in developing Egypt’s digital banking infrastructure and creating a regulatory environment that supports innovation. They will strengthen banks’ ability to provide advanced digital financial services, support the country’s financial inclusion and digital transformation goals, and reinforce Egypt’s position as a leading regional hub for fintech and digital financial services.