SNS Provides NBE With E-Signature Service

The Security and Network Services (SNS) has signed a contract with the National Bank of Egypt (NBE) to provide the latter with the electronic signature service after the Central Bank of Egypt’s (CBE) decision to generalize the technique in all Egyptian banks.

Amr Raga’e, CEO of SNS, said the company will provide such service for 18 banks after receiving the license.  Raga’e expected that these banks will receive such service before the end of this year.

In addition, Ashraf El-Sharkawy, chairman of the Egyptian Financial Supervisory Authority (EFSA), approved the generalization of e-signature technique in the 120 securities companies during 2012 through signing a protocol of cooperation with the Information Technology Development Agency (ITIDA) to make e-signature applicable in all financial transactions.

CBE meets today with the representatives of ITIDA and Amr Raga’e to agree upon the final description of e-signature technique and the deadline of generalizing the technique in all banking transactions in Egypt.

ITIDA announced the launch of its new Egyptian e-Signature Competence Center. The center is described as the first of its kind in the Middle East and North Africa, and is designed to provide support and services to countries in the region looking to set up e-government and digital identity initiatives. E-signature uses encryption technology for demonstrating the authenticity of a digital message.

ITIDA has played an important role in issuing the Electronic Signature Law (Law No. 15 of 2004). Three companies received licenses to provide e-signature services in Egypt which are Advanced Computer Technology (ACT), Misr for Central Clearing, Depository and Registry (MCDR) and Egypt Trust.