Egypt approves banking sector eKYC legal framework in financial inclusion push

The Central Bank of Egypt (CBE) has greenlighted regulations relating to the use of a digital ID service known as the Digital Financial Identity (DFI) Platform for electronic Know Your Customer (eKYC) processes by all banking institutions in the country.

According to a CBE announcement, the regulations come as part of an ongoing push to streamline digital banking services and drive financial inclusion across the country. The CBE said the rate of financial inclusion in Egypt was 79 percent as of June.

Approved by its Board of Directors, the new regulations, the CBE stated, align with the country’s vision for the transition to and modernization of digital financial services.

The Governor of the CBE, Hassan Abdalla, is quoted as saying that the new DFI platform legal framework is aimed at making it possible to easily verify the identity of Egyptians who wish to access banking services without having to visit physical bank branches.

Per the bank, the platform will “allow for electronic acceptance of terms and conditions, support electronic authentication as an alternative to handwritten signatures, and facilitate seamless data updates,” in a move that is expected to greatly “save time and effort, streamline access to financial services in a faster and more secure manner, promote financial inclusion, and improve customers’ banking experience.”

The CBE has explained that the regulations elaborately spell out the DFI platform’s “governance structure, the roles and responsibilities of all relevant parties, technical and operational requirements, as well as data protection and cybersecurity controls.” The banking regulator hopes its full implementation will go a long way in driving the infrastructure development and innovation which the sector has undertaken.

The CBE says this banking sector innovation falls within the broader vision of Egypt’s ongoing digital infrastructure development aimed at enhancing the country’s digital sovereignty and making access easier for citizens.

It builds on previous efforts to drive financial inclusion, namely the Haweya platform initiative that was launched in 2025 to facilitate eKYC for at least 37 banks operating in the country.

In 2023, the Financial Regulatory Authority of Egypt also issued a number of decrees regulating the development and use of fintech within non-banking financial services and activities.

Article Topics

banking  |  biometrics  |  digital ID  |  Egypt  |  financial inclusion  |  KYC