Central Bank of Egypt approves digital identity rules for eKYC

The Central Bank of Egypt (CBE) has approved new regulations for the Digital Financial Identity (DFI) platform. This system enables electronic Know Your Customer (eKYC) services, allowing banks to identify and verify customers digitally.

Under these rules, citizens can open bank accounts and access various financial products through digital channels without visiting physical branches. The platform supports electronic acceptance of terms and conditions and uses electronic authentication as a substitute for handwritten signatures. The framework also facilitates easier data updates.

CBE Governor Hassan Abdalla stated that the initiative is a major step toward expanding digital banking access and promoting financial inclusion. The regulations establish a comprehensive framework covering governance, technical requirements, data protection, and cybersecurity to ensure compliance with international best practices.

In a related development regarding digital transformation, Egypt’s Financial Regulatory Authority (FRA) is testing fintech solutions through its regulatory sandbox. These trials include remote vehicle inspections for motor insurance and the use of NFC-enabled electronic passports to verify the identity of foreign nationals for non-bank financial services.