Arab Finance: The Central Bank of Egypt (CBE) has approved regulations governing the electronic Know Your Customer (eKYC) digital financial identity system, allowing customers to open bank accounts and access banking products and services remotely, as per a statement.

The system enables customers to complete banking procedures through digital channels without visiting a branch. It also permits the electronic acceptance of terms and conditions, recognizes electronic authentication as an alternative to handwritten signatures, and allows customers to update their data remotely.

CBE Governor Hassan Abdalla said the system represents a significant shift in the delivery of digital banking services by making access faster, more secure, and more convenient. He added that it would save customers time and support financial inclusion while improving their overall banking experience.

The regulations establish a comprehensive framework for digital financial identity services, covering system governance, the roles and responsibilities of participating parties, technical and operational requirements, data protection, and cybersecurity controls.

The framework is designed to ensure that digital financial identity services are provided securely and efficiently in line with international best practices.

The regulations are also expected to support the development of the banking sector’s digital infrastructure and provide banks with a regulatory environment that enables them to introduce more advanced digital financial services.

The move forms part of the CBE’s efforts to advance digital transformation and financial inclusion, support Egypt’s transition toward a digital economy, and strengthen the country’s role in financial technology and digital financial services.