Egypt’s Fintech Revolution: Boosting Financial Inclusion and Innovation Through Digitalization and e-KYC

From Traditional to Digital: Egypt’s Six-Year Fintech Evolution

• Egypt’s transition into a digital economy is gaining momentum with the financial sector expected to expand by 12% annually until 2025.
• Fintech adoption, surging internet usage, and government’s commitment to Vision 2030 are driving this transformation.

Digitalization: A Strategic Priority

• The Central Bank of Egypt (CBE) has embraced digitalization as one of the three pillars of Egypt’s Vision 2030.
• Aims to convert Egypt into a digital or cashless economy, providing opportunities for the unbanked/underbanked population.

Mobile Transactions on the Rise

• 61% of Egyptian banking customers feel secure using mobile apps for financial transactions.
• In 2021, digital banking transactions surged, with mobile banking transactions up 108% and e-commerce growing 34%.

A Call for Robust KYC Procedures

• With increased digital transactions, securing Egypt’s financial ecosystem is crucial.
• Streamlined and robust Know Your Customer (KYC) procedures will help mitigate risks of identity theft, money laundering, and terrorist financing.

Egypt’s KYC Regime: Two Tiers

• Full KYC: Extensive customer information required like National ID, legal form, and proof of address.
• Simplified KYC initially required only National ID verification but later evolved.

The Emergence of e-KYC

• CBE introduced e-KYC in its Regulatory Sandbox in 2019.
• Enables citizens to access financial services online without visiting a physical bank.

Benefits of e-KYC

• Convenient and improves customer experience.
• Streamlined onboarding saves time and costs for financial institutions.
• Fully automated process enhances operational efficiency.

Unlocking Egypt’s Potential with e-KYC

• Egypt’s unbanked population presents a significant opportunity for financial inclusion through e-KYC.
• Banks can lower risk, expand credit products, and reach a broader customer base.

Stay Informed: M2P Fintech’s e-KYC Services

• M2P’s e-KYC suite allows businesses to perform customer KYC while adhering to regulatory requirements.
• Bank Statement Analyzer helps make informed credit decisions.

For business inquiries:

business@m2pfintech.com

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