In its latest efforts to support the country’s digital transformation, the Central Bank of Egypt will launch the country's first program to digitize financial identity, in a move that would allow for the seamless access to banking services without the need for a physical presence at bank branches, according to a statement.

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The CBE has already launched the "Haweya" platform, the first integrated national digital financial identity platform. The CBE holds a EGP 308 mn, 55% stake in the company behind the platform.

The platform's launch precedes the upcoming release of the official application — "Haweyeti" — on app stores, a move aimed at enhancing financial inclusion in the local market.

REMEMBER- Financial inclusion in Egypt reached 76.3% in June 2025, with 53.8 mn citizens having active bank or Egypt Post accounts, mobile wallet, or prepaid cards, up from 74.8% at the end of last year.

The platform allows both local and foreign residents to easily open bank accounts, obtain credit facilities, or authenticate previously submitted customer requests, National Bank of Kuwait’s Mahmoud El Masry told EnterpriseAM. It will attract the unbanked population, giving it access to various financial services, including digital ins. services, Economist Hany Abou El Fotouh said.

The success of the new platform hinges on three key factors: Offering low-cost services suitable for all segments of society, the extent of smartphone penetration; and the ease of use of the electronic application, according to Abou El Fotouh.

Through collecting customer data across governorates, the new platform will boost anti-money laundering efforts by improving the CBE's supervision of financial transactions, according to El Masry. The CBE’s primary goal is to achieve a balance between speedy service delivery and enhanced oversight.

Confidence in data protection is crucial for ensuring customer adoption, according to Abou El Fotouh. Customer privacy and security must be guaranteed, ensuring identity data remains separate from financial data under the Data Protection Law, he said. “Any platform involves risks of data leaks or hacking; however, these risks can be mitigated by adopting advanced firewalls and secure servers, which are very costly,” according to El Masry.

How to get people on board? Any change will face initial resistance, El Masry notes, adding that the CBE must promote the initiative through awareness campaigns.

What this means for banks: Reducing customer visits to branches and minimizing paper transactions will help banks lower their operating expenses and improve efficiency. However, in return, banks will need to make initial investments to link their internal systems within the new platform, according to Abou El Fotouh.

On a regional level: A lot of GCC nations already have their own platforms to make digital banking and identity more seamless — Saudi Arabia has Absher, Kuwait has Houwiyeti, and the UAE has UAE Pass. “Regional neighbors accelerated the launch of digital platforms during the Covid-19 pandemic, digitizing their governmental and financial services,” according to El Masry.

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