Egyptian Central Bank Issues Rules for the Digital Financial Identity System

The Board of Directors of the Central Bank of Egypt has approved the regulations governing the digital financial identity system for identifying and electronically verifying the identities of bank customers, as part of its efforts to expand access to financial services.

In a statement issued today, the bank noted that this step aligns with its ongoing efforts to support digital transformation and enhance financial inclusion, representing a pivotal move in developing the digital infrastructure of the banking sector.

Central Bank Governor Hassan Abdallah stated in the announcement, “This system represents a qualitative leap in making digital banking services available to citizens, enabling them to open bank accounts and access a range of banking products and services through digital channels, without the need to visit bank branches.”