Early this week on the 7th of March 2022, the Central Bank of Egypt (CBE) announced that the bank is now focused on launching Know Your Customer (KYC) programs that would allow individuals to open banks completely online. This announcement was made by the Assistant Sub-Governor of CBE for Payment Systems and Services, Ehab Nasr.


Central Bank of Egypt Announces Know Your Customer (KYC) Program


This is really good news for the data verification industry and CBE as customers would now be able to open bank accounts without having to visit any branches.


As part of his speech, Ehab Nasr pointed out that the project would allow citizens to fully access online banking services from any location. Also, he pointed out that this project would be completed before the end of 2022.


However, the bank has already completed an instant payment project that would be launched two weeks after this announcement. This project is designed to implement online transactions all days of the week during official or vacation holidays according to Nasr.


By the end of April, all banks will incorporate the technical system linkage measure required, he said. 


Book a demo session today to see how YV OS can help automate your business’s KYC Due Diligence! Also, feel free to contact us here for any questions.