Arab Finance: The Central Bank of Egypt (CBE) has approved new regulations allowing authorized banking agents to provide selected services on behalf of banks, including customer identity verification, as per a statement.

The move comes as part of efforts to expand financial inclusion and improve access to banking services nationwide.

Approved by the CBE’s Board of Directors, the regulations aim to extend banking services to underserved communities, particularly in remote areas without bank branches, while bringing more citizens into the formal financial system.

Under the new framework, customers will be able to open bank accounts, update their personal information, and submit applications for various banking services through authorized banking agents, reducing the need to visit traditional bank branches.

The regulations also establish requirements to safeguard customer rights and protect the confidentiality of personal data when banking services are delivered through third-party agents.

To govern these activities, the CBE has introduced a regulatory and supervisory framework outlining minimum operating standards and compliance requirements for banks using contracted agents.

The framework also specifies the procedures banks must follow to obtain CBE approval to offer services through banking agents, alongside the requirements for accrediting agents authorized to carry out these activities.

The move builds on the CBE’s broader financial inclusion strategy, which prioritizes expanding access to formal banking services through initiatives and regulatory measures designed to reach a wider segment of the population.

These efforts have helped raise Egypt’s financial inclusion rate to 79% as of June 2026, representing a 229% increase compared with 2016.