Central Bank of Egypt completes KYC Pilot on Blockchain

Fintech Futures published an article on Jan 29th 2020 which announces that the Central Bank of Egypt has completed the testing phase of a new electronic know-your-customer (KYC) and has launched a pilot of the new service to aid financial inclusion in the country. With 32 banks in Egypto offering online banking services, this  project enables customers to open bank accounts electronically, without the need to visit bank branches or speak to an agent.

According to local publication Al-Mal News, the central bank is also looking into the possibilities of deploying the new pilot on a blockchain-based system. Alongside an announcement about the pilot, the central bank indicated that it would be issuing new instructions for banks in the county when it comes to their internet banking services.

These new mandates will go live in March 2020 and will update a set of rules that the regulator issues in November 2014. 32 banks in Egypt offer internet banking, with 28 having obtained a licence to issue mobile-based banking services.

In 2018 the Central Bank of Egypt has mentioned in a conference in Abu Dhabi that it was studying the issuing of Central bank Digital currency.