CBE approves regulations for Digital Financial Identity platform

The Central Bank of Egypt’s (CBE) Board of Directors approved the regulations governing the services of the Digital Financial Identity (DFI) platform for identifying bank customers and verifying their identities electronically (eKYC).

Governor of the CBE, Hassan Abdalla, highlighted that the platform represents a transformative milestone in expanding citizens’ access to digital banking services, as it will enable them 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 allow for electronic acceptance of terms and conditions, support electronic authentication as an alternative to handwritten signatures, and facilitate seamless data updates. This, in turn, will save time and effort, streamline access to financial services in a faster and more secure manner, promote financial inclusion, and improve customers’ experience.

CBE's Governor further noted that the regulations establish a comprehensive regulatory framework for the DFI platform, including its governance structure, the roles and responsibilities of all relevant parties, technical and operational requirements, as well as data protection and cybersecurity controls. This ensures the services’ delivery is in accordance with the highest standards of security and efficiency, and in line with international best practices.

The issuance of these regulations marks a pivotal step towards developing the banking sector’s digital infrastructure and fostering a regulatory ecosystem that accelerates innovation.

This will further enhance banks’ capacity to provide advanced digital financial services, while supporting the State's efforts to achieve financial inclusion and transition to a digital economy, as well as reinforcing Egypt's position as a leading regional hub for FinTech and digital financial services.