e-KYC 2.0 in Egypt — Enabling the Next Generation Fintech Adoption
Egypt is a disruption-ready market as it is turning into the entrepreneurial hotspot for burgeoning fintech startups in North Africa. A mammoth uptick in digital adaption has significantly scaled the financial ecosystem, calling for streamlined and robust Know Your Customer (KYC) procedures that are crucial to detect risk factors and avert financial crimes such as identity theft, money laundering, and terrorist financing. In this unique landscape, the government and the Central Bank of Egypt (CBE) have been proactive and quick to recognize the importance of a digitized KYC system in enabling frictionless financial digitalization.
In accordance with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), the CBE issued guidelines to all banks to draft new simplified procedures to open bank accounts for the self-employed and owners of micro-sized projects to encourage greater inclusion.
Read our blog to learn more about Egypt’s financial digitalization, the current KYC regime, the evolution of e–KYC along with its benefits and potential, and how M2P is leading the KYC services.
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