Cairo: The Central Bank of Egypt (CBE) Board of Directors has greenlit regulations for the Digital Financial Identity (DFI) Platform, enabling banks to electronically identify and verify customer identities through eKYC services. This initiative aligns with CBE's commitment to fostering digital transformation, enhancing access to digital banking, and promoting financial inclusion as part of Egypt's digital economy strategy.

According to State Information Service Egypt, CBE Governor Hassan Abdalla referred to the platform as 'a transformative milestone,' significantly broadening citizens' access to digital banking services. The DFI Platform will permit customers to open accounts and utilize various banking products digitally, eliminating the need for branch visits. It will also facilitate electronic acceptance of terms, enable digital authentication in place of handwritten signatures, and streamline customer data updates. These advancements are anticipated to save time and effort for customers while ensuring quicker, more secure access to financial services and enhancing customer experience.

The established regulations provide a comprehensive framework for the DFI Platform, detailing its governance, roles and responsibilities of involved parties, and technical and operational requirements. The framework includes data protection and cybersecurity measures to ensure DFI services adhere to high security and efficiency standards in line with international best practices.

The CBE emphasized that these regulations are pivotal in advancing the banking sector's digital infrastructure and fostering a regulatory environment conducive to innovation. The framework is expected to enhance banks' capabilities to deliver advanced digital financial services, supporting the State's initiatives to boost financial inclusion and progress toward a digital economy. This initiative also aligns with Egypt's goals to position itself as a regional leader in fintech and digital financial services.