Egypt Central Bank sets Digital ID rules
The Central Bank of Egypt has issued regulatory guidelines for the Digital Financial Identity System (eKYC) services, aimed at supporting digital transformation and enhancing financial inclusion in Egypt. The system enables citizens to open bank accounts and access financial services electronically without the need to visit branches, with electronic approval and digital verification replacing handwritten signatures, thus saving time and ensuring security. The guidelines also include governance standards, stakeholder responsibilities, data protection, and cybersecurity measures. This represents an important step toward developing the digital infrastructure of the banking sector, strengthening Egypt's position in financial technology, and progressing toward a digital economy.
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