The Central Bank of Egypt Launches "Know Your Customer" Service via Mobile in the Third Quarter

SadaNews - The Digital Financial Identity Company affiliated with the Central Bank of Egypt plans to launch a "Know Your Customer" (KYC) service via mobile phone during the third quarter of this year, according to Tamer Gadallah, the company's managing director.

Gadallah added that the digital platform will be "mandatory for all banks wishing to provide client identification services and update data electronically".

Digitizing Banking Transactions in Egypt

There are 38 banks operating in Egypt, including 9 government banks, the largest being the National Bank of Egypt, Banque Misr, and Banque du Caire. The "Hawiya" platform is the first comprehensive national system for digital identity in Egypt, allowing citizens to carry out various banking and governmental transactions via mobile phone, without the need to visit branches or provide paper documents.

The platform operates under the supervision and regulation of the Central Bank of Egypt, which owns 55% of the capital of the company developing the "Hawiya" platform, while the company's initial capital is about 275 million Egyptian pounds, as announced by the Central Bank of Egypt in October 2025.

According to Central Bank data, the number of Egyptians with financial accounts rose to 54.7 million people by the end of last year, compared to 53.8 million in June and 52 million by the end of 2024.