ITIDA Seeks to Generalize E-Signature

The Information Technology Development Agency “ITIDA” has organized a number of meetings with the Central Bank and the Financial Supervisory Authority to consider generalizing electronic signature on the level of banking transactions and money markets.

Mohamed Omar, General Manager of Nile Information Technology & Dissemination, a subsidiary of Misr for Central Clearing, Depository, and Registry, stated that ITIDA has held a meeting with Farouk El Okdah, Governor of the Central Bank of Egypt,  and Ashraf El Sharkaway, Chairman of the Egyptian Financial Supervisory Authority, concerning signing a protocol of cooperation for approving electronic signature in all financial transactions.

He added that his company is preparing for activating electronic signature at the Financial Supervisory Authority and banks by using it in money markets, adding that the final tests of the e-signature will be implemented through confirming electronic transactions according to sale and purchase orders made by investors, in addition to issuing electronic certificates.

He also pointed out that all the companies that have obtained the license have completed the establishment of e-signature centers in accordance with the standards set by ITIDA, after the receiving the orders in 2004.