{"id":675806,"date":"2025-11-19T00:00:00","date_gmt":"2025-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/19\/cbe-to-digitize-financial-identity\/"},"modified":"2025-11-19T00:00:00","modified_gmt":"2025-11-19T00:00:00","slug":"cbe-to-digitize-financial-identity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/19\/cbe-to-digitize-financial-identity\/","title":{"rendered":"CBE to digitize financial identity"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>In its latest efforts to support the country\u2019s digital transformation, the Central <\/strong><strong>Bank of Egypt will launch the country's first program to digitize financial identity<\/strong>, 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 <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/news-publications\/news\/2025\/11\/17\/12\/40\/hassan-abdalla-pafix-2025\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBE has already launched the \"<\/strong><strong><a target=\"_blank\" href=\"https:\/\/haweya.eg\/\" style=\"\" rel=\"noopener\">Haweya<\/a><\/strong><strong>\" platform<\/strong>, the first integrated national digital financial identity platform. The CBE holds a EGP 308 mn, 55% stake in the company behind the platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform's launch precedes the upcoming release of the official application<\/strong> \u2014 \"Haweyeti\" \u2014 on app stores, a move aimed at enhancing financial inclusion in the local market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Financial inclusion in Egypt reached 76.3% in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26180076-ff37-4657-a2ec-97ce43fe9240\/%2525d8%2525a7%2525d9%252584%2525d9%252585%2525d8%2525b1%2525d9%252583%2525d8%2525b2%2525d9%25258a:-%2525d9%252585%2525d8%2525b9%2525d8%2525af%2525d9%252584%2525d8%2525a7%2525d8%2525aa%25253cmark%25253e-%2525d8%2525a7%2525d9%252584%2525d8%2525b4%2525d9%252585%2525d9%252588%2525d9%252584-%2525d8%2525a7%2525d9%252584%2525d9%252585%2525d8%2525a7%2525d9%252584%2525d9%25258a%25253c%252Fmark%25253e-%2525d8%2525aa%2525d8%2525b1%2525d8%2525aa%2525d9%252581%2525d8%2525b9-%2525d8%2525a5%2525d9%252584%2525d9%252589-76.3%252525\" style=\"\" rel=\"noopener\">June 2025,<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform allows both local and foreign residents to easily open bank accounts<\/strong>, obtain credit facilities, or authenticate previously submitted customer requests, National Bank of Kuwait\u2019s 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>success of the new platform hinges on three key factors<\/strong><strong>:<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Through collecting customer data across governorates, the new platform will boost <\/strong><strong>anti-money laundering efforts<\/strong> by improving the CBE's supervision of financial transactions, according to El Masry. The CBE\u2019s primary goal is to achieve a balance between speedy service delivery and enhanced oversight. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Confidence <\/strong><strong>in data protection is crucial for ensuring customer adoption<\/strong>, 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. \u201cAny 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,\u201d according to El Masry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How to get people on board? <\/strong>Any change will face initial resistance, El Masry notes, adding that the CBE must promote the initiative through awareness campaigns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What this means for banks: <\/strong>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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a regional level: <\/strong>A lot of GCC nations already have their own platforms to make digital banking and identity more seamless \u2014 Saudi Arabia has Absher, Kuwait has Houwiyeti, and the UAE has UAE Pass. \u201cRegional neighbors accelerated the launch of digital platforms during the Covid-19 pandemic, digitizing their governmental and financial services,\u201d according to El Masry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CBE recently launched its Haweya platform, the first integrated national digital financial identity platform<\/p>\n","protected":false},"author":1,"featured_media":675807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,271,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-675806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"37470b4e-7a1e-45cd-a412-0d3301f82ae2","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2177.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to digitize financial identity","related_issue":[675793],"teaser":"The CBE recently launched its Haweya platform, the first integrated national digital financial identity platform","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.6845a8d0-d3e2-408c-9bf4-85a1e68997e4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The bank is now working to set the interest rate banks will charge for mobile lending services, which are set to be\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632342,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/08\/amendments-to-banking-act-will-strengthen-the-central-banks-consumer-protection-role\/","url_meta":{"origin":675806,"position":2},"title":"Amendments to Banking Act will strengthen the central bank\u2019s consumer protection role","author":"enterpriseam admin","date":"8 February 2018","format":false,"excerpt":"Amendments to Banking Act to make central bank the primary consumer protection agency for the banking industry: Amendments to the Banking Act, which are still being drafted by the central bank, will, in effect, make the CBE the primary consumer protection agency for the banking industry, Al Mal reports. Under\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559612,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/27\/hey-kids-want-a-bank-account\/","url_meta":{"origin":675806,"position":3},"title":"Hey kids, want a bank account?","author":"enterpriseam admin","date":"27 January 2021","format":false,"excerpt":"SMART POLICY- Folks under the age of 21 can now open bank accounts without their parents or guardians\u2019 consent, the Central Bank of Egypt (CBE) said in a statement cited by state news agency MENA. Banks were directed to give those aged between 16 and 21 access to a limited\u2026","rel":"","context":"In &quot;FINANCIAL INCLUSION&quot;","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622059,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/26\/cbe-to-provide-mobile-lending-services-in-1h2019\/","url_meta":{"origin":675806,"position":4},"title":"CBE to provide mobile lending services in 1H2019","author":"enterpriseam admin","date":"26 November 2018","format":false,"excerpt":"Central bank to allow mobile lending in 1H2019 \u2013report: The CBE allow mobile lending as early as 1H2019 as part of the country\u2019s financial inclusion drive and bid to reduce the role of cash in the economy, sources from mobile network operators Vodafone, Orange and Etisalat told Al Mal. Mobile\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595891,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/cbe-signs-mou-with-dubai-financial-regulator\/","url_meta":{"origin":675806,"position":5},"title":"CBE signs MoU with Dubai financial regulator","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"The Central Bank of Egypt signed an MoU with the Dubai Financial Services Authority (DFSA) at the end of July to strengthen regulatory ties, the DFSA said in a statement yesterday. CBE Governor Tarek Amer said that the agreement will \u201cpromote the safety and soundness\u201d of Egypt\u2019s banking sector and\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/675806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=675806"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/675806\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/675793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/675807"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=675806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=675806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=675806"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=675806"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=675806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}