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Central Bank Sets Rules for Digital ID System
The Central Bank of Egypt has issued new regulations for the digital financial identity system (eKYC) to enhance digital transformation and financial inclusion. The system allows citizens to open bank accounts and access banking services without the need to visit branch offices, with options for electronic approval and digital verification. This facilitates data updates and saves time and effort. This step is a prelude to developing the digital infrastructure in the banking sector and supporting the state's efforts to achieve digital financial goals and establish Egypt as a regional hub in financial technology.
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