Central Bank of Egypt reportedly launching electronic KYC services

The Central Bank of Egypt has reportedly finished the testing stage of its electronic know-your-customer (KYC) service.

A pilot of the service has now been released and aims to boost financial inclusion within Egypt, according to an article from Amwal Al Ghad.

The central bank also stated it will issue new instructions for banks in the country in regard to their internet banking services. These rules will go be deployed in March 2020.

There are 32 banks in Egypt offering online banking services, with 28 of these having gained a mobile-banking license, the article claims.

Additionally, the bank is exploring the possibility of creating a blockchain-based system pilot, the article states.

India is also exploring new electronic know your customer guidelines. The country recently released new rules which eases the opening of accounts for individuals by enabling them to complete the process without any paper-based documents.

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