- The Central Bank of Egypt revealed the most important future projects related to electronic payment systems and services during the coming period, which focused on 3 important projects.
- The Central Bank said in its first-half financial stability report for 2023 that the first project is to identify customers electronically (E-KYC digital financial identity).
- He added that the electronic Know Your Customer system aims to develop the Egyptian banking sector by providing a secure electronic means for users of financial services that enables them to create an electronic financial identity that allows for verifying customer data electronically, which enables them to open bank accounts electronically remotely without going to a bank branch.
- He explained that the second project is to provide digital lending through the mobile phone wallet, which aims to provide electronic borrowing for mobile phone customers instantly through a secure channel based on their evaluative behavior. The rules for this service have been issued and the Central Bank is working with the Egyptian Inquiry Company to complete the technical aspects of the project so that citizens can borrow instantly around the clock through their electronic wallet.
- The Central Bank report indicated that the third project is represented by digital clients for central banks, as the Central Bank is studying the application of digital currencies for central banks, which are characterized by security and stability as an alternative to other types of cryptocurrencies and risks.
- He added that internal and external working committees (from all ministries and relevant national bodies) were formed, headed by the Central Bank of Egypt, with the aim of studying the file in cooperation with several international institutions regarding this matter.
