Central Bank of Egypt Launches Digital Financial Identity System to Facilitate Banking Services
The Central Bank of Egypt has announced the adoption of a new "Digital Financial Identity" system, a step aimed at developing the banking sector in Egypt and facilitating financial transactions for citizens in a fully electronic manner.
This system relies on electronic customer identity verification technology, known globally as (eKYC). This technology allows citizens to open new bank accounts without the need to visit a bank branch, by using approved digital channels.
This initiative aims to reduce the time and effort spent on traditional banking procedures. It also seeks to encourage more citizens to engage with banks, which reinforces the state's plan for financial inclusion and digital transformation in the Egyptian economy.
This step comes within the framework of Egypt's Vision 2030, which aims to improve the quality of government and financial services provided to citizens using the latest global technologies, ensuring the speed and security of banking transactions.
It is expected that citizens will begin to benefit from these services gradually, as banks operating in Egypt will provide the necessary tools for digital identity verification, opening new horizons to facilitate the daily lives of Egyptians in their financial transactions.