Ehab Nasr: CBE to Launch E-KYC Project for Customer Identification in 2024
First Bank
Ehab Nasr, Assistant sub Governor of the Egyptian Central Bank for Banking Operations and Payment Systems, revealed that work is underway on E-KYC project, scheduled to launch next year.
This was disclosed in exclusive statements to First Bank website, on the sidelines of Seamless North Africa 2023 conference held on June 17 and 18.
Nasr explained that the project aims to electronically identify customers through E-KYC, affirming that it is among the top priorities of CBE in the current phase.
Nasr added that the electronic Know Your Customer system aims to develop the Egyptian banking sector by providing a secure electronic means for users of financial services to establish a digital financial identity.
He further stated that it enables electronic verification of customer data, allowing them to remotely open bank accounts without visiting a bank branch.
Nasr confirmed that this positively impacts the process of onboarding new customers to banks through easy, fast, and secure electronic methods, as well as reducing paper-based procedures and congestion at bank branches for registration and financial services, according to the Financial Stability Report.
He also revealed an increase of 46% in the total financial transactions conducted through digital channels during 2022 compared to the previous year, 2021, stating that the value of financial transactions conducted through digital channels reached nearly EGP10 tn in 2022.
Nasr pointed out that the monthly mobile phone transactions rose to 85 million operations with a total value of transactions exceeding EGP100 bn by the end of June, representing a 150% increase compared to the same month in the previous year.
He added that the number of mobile wallets increased to about 33 million electronic wallets, while the number of Quick Response codes reached around 740,000 codes.
