The Central Bank of Egypt (CBE) Board of Directors has approved regulations governing the services of the Digital Financial Identity (DFI) Platform, which will enable banks to identify customers and verify their identities electronically through eKYC services.
The move is part of the CBE’s efforts to accelerate digital transformation, expand access to digital banking services, and support financial inclusion in line with Egypt’s shift toward a digital economy. CBE Governor Hassan Abdalla described the platform as “a transformative milestone” in expanding citizens’ access to digital banking services.
The platform will allow customers to open bank accounts and access a range of banking products and services through digital channels without visiting bank branches. It will also enable the electronic acceptance of terms and conditions, support electronic authentication as an alternative to handwritten signatures, and facilitate seamless customer data updates.
These services are expected to save customers time and effort while providing faster and more secure access to financial services and improving the overall customer experience. The new regulations establish a comprehensive framework for the DFI Platform, covering its governance structure, the roles and responsibilities of relevant parties, and technical and operational requirements.
The framework also sets out data protection and cybersecurity controls to ensure that DFI services meet high standards of security and efficiency and comply with international best practices. Building digital banking infrastructure: The CBE said the regulations mark a pivotal step in developing the banking sector’s digital infrastructure and creating a regulatory environment that supports innovation.
The framework is also expected to strengthen banks’ ability to offer advanced digital financial services while supporting the State’s efforts to expand financial inclusion and transition toward a digital economy. The initiative further supports Egypt’s ambitions to strengthen its position as a regional hub for fintech and digital financial services.
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