Digital Identity (EKYC) Sets the Stage for Egypt’s “Digital-First Banking” Era
A high-level session titled «Beyond Branches: Digital Identity (EKYC) as the Gateway to Digital-First Banking» at PAFIX, held alongside Cairo ICT 2025, explored the transformative role of digital identity in reshaping Egypt’s banking landscape. The discussion focused on how EKYC enables customers to open accounts and access full financial services electronically, without the need to visit bank branches.
Speakers agreed that the nationwide implementation of EKYC marks the beginning of the most significant financial inclusion drive Egypt has ever witnessed.
Moderated by Mohamed El Saban, Chief Innovation and Strategic Projects Officer at Banque Misr, the session featured key industry leaders including Tamer Gadallah, CEO of Digital Financial Identity; Dalia Sweilem, Head of Digital Banking at QNB; Moataz Metwally, Head of Retail and Digital Payments at Banque Misr; and Osama Abbas, Vice President of Fintech at e& Egypt.
The speakers emphasized that Egypt is officially entering a new era of banking built on speed, technology, and financial inclusion, paving the way for what they described as the most profound digital shift in the country’s banking history.
A Historic Turning Point
El Saban affirmed that Egypt is undergoing a massive digital transformation, describing digital identity as a historic milestone similar to the launch of the “InstaPay” instant payments platform.
He noted that Egypt’s digital journey began in the 1990s, but the breakthroughs seen today are unprecedented. InstaPay transactions have surpassed EGP 3 trillion and are expected to reach nearly EGP 5 trillion in 2025.
El Saban added that EKYC will enable customers to open accounts and access services entirely via mobile devices. “What we are witnessing now represents a fundamental shift in banking services that everyone will remember as the moment the sector changed forever,” he said.
Data Security as a Cornerstone
Tamer Gadallah outlined the legal and technical evolution that underpins Egypt’s digital identity framework, stressing that citizen data protection is its core pillar.
He explained that the Central Bank’s 2020 law established, for the first time, the legal basis for replacing physical signatures with digital identity verification.
Gadallah revealed that customers will soon be able to input their data, scan their ID, and take a selfie through a mobile app, after which the information will be automatically verified against official records—allowing instant account opening without human intervention.
He emphasized that EKYC will eliminate more than 15 million annual branch visits previously required for data updates, driving a major leap in financial inclusion.
Digital Banking in Just Three Minutes
According to Dalia Sweilem, EKYC is the foundation of any digital bank. She said account-opening processes that used to take an hour will be reduced to just three minutes.
Sweilem stressed that full activation of digital onboarding is essential for the development of modern banking ecosystems. She added that QNB has already begun implementing a “branchless bank” model through field teams that reach customers directly.
She stated that EKYC will enable major advancements, including wider engagement with Gen Z, expanded reach into underserved areas, and greater financial inclusion. It also paves the way for services such as Buy Now, Pay Later (BNPL) and instant nano-loans—products that will soon be deployed across the market.
Transforming Merchant Services and Credit Access
Moataz Metwally said Banque Misr is prioritizing nationwide adoption of EKYC to simplify access to financial services.
He noted that many daily-wage earners cannot afford to visit branches. “All they need now is their mobile phone to complete EKYC and receive the service instantly,” he said.
Metwally explained that EKYC will transform merchant acquisition by making onboarding almost instantaneous. Traders will be able to obtain Soft POS devices in just 10 minutes, enabling thousands of new merchants to join the formal economy.
In credit services, he said EKYC will give banks access to deeper, more accurate data—improving lending decisions and enabling inclusion of previously underserved customers with higher and more appropriate credit limits.
Financial Digital Democracy
Osama Abbas highlighted that EKYC will empower telecom operators by enabling them to offer more advanced financial services to significantly larger customer segments.
He added that digital identity will “democratize access” to financial services, allowing millions of telecom subscribers to qualify for increasingly sophisticated digital products.
Abbas noted that EKYC will intensify competition among banks, fintech companies, and telecom operators—ultimately improving service quality and expanding customer options.
Cairo ICT 2025 is taking place from 16 to 19 November at the Egypt International Exhibition Center in New Cairo, under the patronage of Minister of Communications and Information Technology Dr. Amr Talaat, and under the theme “AI Everywhere.” The event features more than 500 exhibitors and hosts five major tracks: PAFIX for digital payments and inclusion, AIDC for AI and data centers, Connecta for youth and digital entertainment, Innovation Arena, and Cyber Zone for cybersecurity.
Key participants include the Ministry of Communications and Information Technology, the Central Bank of Egypt, the Financial Regulatory Authority, NTRA, ITIDA, Egypt Post, the Arab Organization for Industrialization, and Future of Egypt Project as Guest of Honor.
This year’s sponsors include Dell Technologies, e-finance, WB Engineers+Consultants, CIB, Huawei, Orange Egypt, EgyptAir, Egypt Trust, Mastercard, Medar, Fortinet, Salesforce, Benya Group, Khazna, National Bank of Egypt, Arab African International Bank, Bank of Alexandria, Shaker Group, ICT Misr, IoT Misr, Network International, and Meinhardt.