CBE to Launch “Know Your Customer" Mobile Service in Q3

The Central Bank of Egypt is set to launch a mobile-based “Know Your Customer” (KYC) service during the third quarter of this year, in a move aimed at accelerating the digital transformation of banking services across Egypt.

The service will be introduced through the Digital Financial Identity Company, an entity affiliated with the central bank, according to Managing Director Tamer Gadallah in remarks to Bloomberg.

Gadallah said the new digital platform will become mandatory for all banks seeking to offer electronic customer identification and remote data-update services.

KYC procedures are used by banks and financial institutions to verify customer identities and validate personal information before opening accounts or providing financial services. The process is considered a cornerstone of anti-money laundering compliance and fraud prevention measures.

The new mobile-based system is expected to simplify banking procedures that previously required in-person branch visits and paper documentation, enabling customers to complete various financial and government-related transactions digitally.

Egypt currently has 38 operating banks, including nine state-owned lenders led by the National Bank of Egypt, Banque Misr, and Banque du Caire.

The “Haweya” platform is being positioned as Egypt’s first fully integrated national digital identity system, allowing users to access banking and government services through mobile phones without needing to visit branches or submit physical paperwork.

The platform operates under the supervision of the Central Bank of Egypt, which owns a 55% stake in the company developing the system. The company’s initial capital was set at approximately 275 million Egyptian pounds, according to figures announced by the central bank in October 2025.

According to central bank data, the number of Egyptians holding financial accounts rose to 54.7 million by the end of last year, up from 53.8 million in June and 52 million at the end of 2024, reflecting continued growth in financial inclusion and digital banking adoption across the country.