The Central Bank of Egypt (CBE) has issued regulations governing the services of the Digital Financial Identity (DFI) Platform for identifying bank customers and verifying their identities electronically (eKYC), as part of its ongoing efforts to support digital transformation and promote financial inclusion.
The regulations were approved by the CBE’s Board of Directors within the framework of Egypt’s efforts to transition toward digital financial services and expand access to banking services through digital channels.
CBE Regulations Govern Digital Financial Identity Services
The CBE’s regulations establish the framework governing the Digital Financial Identity Platform, which is designed to enable the electronic identification and verification of bank customers.
The platform will allow customers to access banking services digitally, including opening bank accounts and obtaining various banking products and services through digital channels without the need to visit bank branches.
The initiative is intended to facilitate access to financial services while reducing the time and effort required to complete banking procedures.
Digital Banking Services Without Branch Visits
According to the CBE, the Digital Financial Identity Platform will enable customers to complete a range of banking procedures electronically.
The platform will allow for the electronic acceptance of terms and conditions and support electronic authentication as an alternative to handwritten signatures.
It will also facilitate seamless updates to customer data, providing a digital mechanism for managing information and completing related banking procedures.
These capabilities are expected to make access to financial services faster and more secure while contributing to an improved customer experience.
CBE Highlights Role of Digital Financial Identity Platform
H.E. Mr. Hassan Abdalla, Governor of the CBE, highlighted the importance of the Digital Financial Identity Platform in expanding citizens’ access to digital banking services.
The Governor noted that the platform represents a transformative milestone in enabling customers to open bank accounts and obtain various banking products and services through digital channels without the need to visit bank branches.
The platform will also support electronic acceptance of terms and conditions, electronic authentication as an alternative to handwritten signatures, and seamless customer data updates.
These services are intended to save time and effort and streamline access to financial services in a faster and more secure manner.
CBE Establishes Comprehensive Regulatory Framework
The regulations establish a comprehensive regulatory framework for the Digital Financial Identity Platform.
The framework covers the platform’s governance structure, as well as the roles and responsibilities of all relevant parties involved in providing its services.
It also sets out technical and operational requirements for the platform and includes controls related to data protection and cybersecurity.
According to the CBE, these requirements are intended to ensure that the services are delivered in accordance with high standards of security and efficiency and in line with international best practices.
Digital Transformation of the Banking Sector
The issuance of the regulations marks a significant step toward developing the digital infrastructure of the banking sector.
The new regulatory framework is also intended to foster an environment that supports innovation and accelerates the development of digital banking services.
By establishing clear governance, technical, operational, data protection, and cybersecurity requirements, the CBE aims to provide a structured framework for the delivery of Digital Financial Identity services.
CBE Supports Advanced Digital Financial Services
The regulations are expected to enhance banks’ capacity to provide advanced digital financial services.
The Digital Financial Identity Platform will support the use of digital channels for customer identification and verification, helping banks provide banking products and services without requiring customers to visit branches for these procedures.
The initiative also supports efforts to make financial services more accessible while contributing to the development of digital banking infrastructure.
Supporting Financial Inclusion and a Digital Economy
The CBE’s issuance of the regulations comes as part of efforts to promote financial inclusion and support Egypt’s transition toward a digital economy.
By enabling customers to access banking services through digital channels, the Digital Financial Identity Platform is intended to facilitate broader access to financial services.
The platform’s electronic identification and verification capabilities, along with electronic authentication and digital data updates, are designed to streamline banking procedures and improve the customer experience.
CBE and Egypt’s Digital Financial Services Development
The establishment of the regulatory framework for the Digital Financial Identity Platform represents a step in the development of Egypt’s digital financial services ecosystem.
The framework provides requirements governing the operation of the platform and the responsibilities of the relevant parties, while addressing technical, operational, data protection, and cybersecurity considerations.
The CBE stated that the regulations will contribute to strengthening the banking sector’s digital infrastructure and fostering a regulatory ecosystem that accelerates innovation.
The CBE’s approval of regulations governing the Digital Financial Identity Platform establishes a comprehensive framework for the electronic identification and verification of bank customers.
The platform will enable customers to open bank accounts and obtain various banking products and services through digital channels without visiting bank branches. It will also support electronic acceptance of terms and conditions, electronic authentication as an alternative to handwritten signatures, and seamless customer data updates.
The CBE said the initiative will help save time and effort, streamline access to financial services, promote financial inclusion, and improve customers’ experience.
The regulations also address governance, responsibilities, technical and operational requirements, data protection, and cybersecurity controls, supporting the secure and efficient delivery of Digital Financial Identity services.
The issuance of the regulations represents a pivotal step in developing the banking sector’s digital infrastructure, supporting innovation, strengthening banks’ ability to provide advanced digital financial services, and contributing to Egypt’s efforts to achieve financial inclusion and transition toward a digital economy.
