NBE, Banque Misr sign deal easing KYC updates for Egyptians abroad

Egypt signed a cooperation agreement on Sunday allowing citizens living abroad to update their banking information through Egyptian embassies and consulates, eliminating the need to return home to complete Know Your Customer (KYC) procedures.

The agreement was signed by the Ministry of Foreign Affairs, International Cooperation, and Egyptian Expatriates, the National Bank of Egypt (NBE), and Banque Misr as part of the Update Your KYC in Egypt Initiative, which aims to simplify banking procedures for Egyptians living overseas.

Under the programme, Egyptians abroad will be able to complete KYC procedures at Egyptian embassies and consulates, where diplomatic missions will verify customers’ signatures before forwarding the documents through the Foreign Ministry to the relevant bank for processing.

The initiative is being implemented in coordination with the Central Bank of Egypt (CBE), the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) and the Federation of Egyptian Banks to ensure compliance with regulatory and anti-money laundering requirements.

Foreign Minister Badr Abdel-Atty said the agreement responded to longstanding requests from Egyptians living abroad and implemented recommendations made during the sixth Egyptians Abroad Conference in 2025.

He said the initiative formed part of broader government efforts to improve services for Egyptian expatriates and strengthen their financial and economic links with Egypt.

Central Bank Governor Hassan Abdalla said the agreement would help modernise banking services for Egyptians abroad by providing more flexible procedures while maintaining compliance with regulatory requirements and international banking standards.

The agreement was signed on the sidelines of the seventh Egyptians Abroad Conference in the presence of CBE Deputy Governor Tarek ElKholy.

Attribution: Amwal Al Ghad English