The Central Bank of Egypt (CBE) has approved regulations governing the services of the Digital Financial Identity (DFI) Platform for identifying bank customers and electronically verifying their identities (eKYC), as part of the CBE’s ongoing efforts to support digital transformation and promote financial inclusion.
The new regulations align with Egypt’s vision for transitioning to digital financial services and are aimed at enabling customers to access a wider range of banking services through digital channels.
Hassan Abdalla, Governor of the CBE, said the platform represents a transformative milestone in expanding citizens’ access to digital banking services, as it will enable them to open bank accounts and obtain various banking products and services through digital channels without the need to visit bank branches.
The platform will also allow for the electronic acceptance of terms and conditions, support electronic authentication as an alternative to handwritten signatures, and facilitate seamless data updates.
These features will save time and effort, streamline access to financial services in a faster and more secure manner, promote financial inclusion and improve customers’ banking experience, Abdalla said.
The Governor further noted that the regulations establish a comprehensive regulatory framework for the DFI Platform, covering its governance structure, the roles and responsibilities of all relevant parties, technical and operational requirements, as well as data protection and cybersecurity controls.
The framework is designed to ensure that the services are delivered in accordance with high standards of security and efficiency and in line with international best practices, he added.
The issuance of the regulations marks a pivotal step towards developing the banking sector’s digital infrastructure and fostering a regulatory ecosystem that accelerates innovation.
The new framework will further enhance banks’ capacity to provide advanced digital financial services while supporting the state’s efforts to achieve financial inclusion and transition to a digital economy.
It will also contribute to reinforcing Egypt’s position as a leading regional hub for fintech and digital financial services.
