Egypt Sets eKYC Rules for Digital Financial ID
New rules cover remote customer verification, electronic authentication, data protection and cybersecurity across Egypt’s banking sector.
The Central Bank of Egypt (CBE) has approved new rules for its Digital Financial Identity platform, establishing a regulatory framework for electronic customer identification and verification, or eKYC. The framework applies to banks operating in Egypt, licensed entities eligible to join the platform and banking agents authorized by the CBE. The regulations were approved by the CBE’s Board of Directors.
The platform will allow banks to identify customers, verify their identities and update their information electronically. Customers will also be able to open bank accounts and obtain banking products and services through digital channels without visiting a branch.
Egypt’s new framework allows banks to onboard customers remotely, replacing branch visits with regulated digital identity checks and electronic authentication.
The rules also cover electronic acceptance of banking terms and conditions. They recognize electronic authentication as an alternative to handwritten signatures for supported services.
According to the CBE, the platform can also support authentication for banking transactions, payment instructions and transfer orders.
Cybersecurity and data protection requirements
The regulations define the governance structure of the Digital Financial Identity ecosystem and set out the responsibilities of participating organizations.
They also establish technical and operational requirements for the platform. These include controls covering data protection and cybersecurity, with the CBE aiming to provide digital identity services in line with international standards for security and efficiency.
CBE Governor Hassan Abdalla said the platform should reduce the time and effort required to access financial services. The central bank also expects remote onboarding to support financial inclusion and help Egyptian banks develop more advanced digital products.
The Digital Financial Identity framework forms part of Egypt’s wider push to expand digital banking services and reduce reliance on cash.
