CBE approves digital banking identity rules

The Central Bank of Egypt (CBE) has approved rules governing the Digital Financial Identity (DFI), enabling banks to electronically identify and verify customers and provide a wider range of services through digital channels.

The system will allow customers to open bank accounts and access various banking products and services without visiting bank branches. It will also enable electronic acceptance of terms and conditions, use electronic authentication as an alternative to handwritten signatures, and facilitate data updates, helping provide faster and more secure access to financial services.

The new rules establish an integrated regulatory framework covering the system’s governance, the roles and responsibilities of participating parties, technical and operational requirements, data protection and cybersecurity controls.

The framework aims to ensure that digital identity services are delivered in line with high standards of security and efficiency and international best practices, while supporting the development of the banking sector’s digital infrastructure and creating a regulatory environment conducive to innovation.

CBE Governor Hassan Abdalla said the system represents a major step towards expanding access to digital banking services and promoting financial inclusion.

The CBE said the move will strengthen banks’ ability to provide advanced digital financial services, support Egypt’s transition towards a digital economy, and reinforce the country’s position as a regional hub for fintech and digital financial services.