The Central Bank of Egypt (CBE) has announced a bold new step in its digital transformation journey, unveiling plans to establish a national digital financial identity system that will allow citizens to access banking services securely without visiting physical branches.
The announcement was made during the opening of the 12th International Conference on Digital Payments, Financial Inclusion, and Digital Banking (PAFIX), where Central Bank Governor Hassan Abdullah’s keynote address was delivered on his behalf by Mohamed Amer, Acting Deputy Governor for Banking Operations and Payment Systems.
Digital transformation as a strategic imperative
In his remarks, Amer emphasized that digital transformation is no longer a technical upgrade but a strategic tool for growth, efficiency, transparency, and financial inclusion. He noted that the bank is moving decisively to align with global trends by modernizing payment systems, adopting financial technology innovations, and preparing Egypt for a future less dependent on cash.
Achievements in digital payments
The speech highlighted Egypt’s rapid progress in digital banking infrastructure. Online and mobile banking services now reach 18 million subscribers, with transactions worth EGP 11.7 trillion recorded by the end of 2024. The national card system “Meeza” has issued more than 43.5 million cards. At the same time, the instant payments network and its flagship app “InstaPay” have attracted 16 million users, processing over 1.1 billion transactions valued at EGP 2.4 trillion.
Mobile wallets have expanded to 55.5 million accounts, facilitating 1.4 billion transactions worth EGP 1.8 trillion. Meanwhile, the launch of Apple Pay in December 2024 has already enabled 40 million contactless transactions worth EGP 32 billion, with Android integration underway to broaden adoption.
Digital identity as the next frontier
Central to the new phase of transformation is the electronic Know Your Customer (eKYC) project, which Amer described as a cornerstone for building a national digital financial identity. This system will allow Egyptians to open accounts and access services remotely, securely, and seamlessly, marking a major leap in financial inclusion.
Harnessing artificial intelligence
The bank also underscored its commitment to responsible innovation. Since 2019, it has pursued a fintech and innovation strategy that balances the adoption of new technologies with safeguarding financial stability.
Collaborations with firms such as I-Score have produced AI-driven credit scoring models using alternative data, expanding access to financing for underserved clients. At the same time, supervisory technology (SupTech) is being developed to enhance regulatory oversight through advanced data analytics.
Investing in human capital
Recognizing that technology alone cannot drive change, the Central Bank has invested heavily in human capital. Initiatives such as FinYology, which engages university students in fintech innovation, and the Digital Academy, Egypt’s first dedicated digital banking training hub, are preparing a new generation of professionals. A bachelor’s program in banking sciences, set to launch in 2025/2026, will further bridge academic study with practical training.
Impact on financial inclusion
These combined efforts have already yielded striking results. Financial inclusion among individuals has risen to 76.3% in June 2025, up from just 27.4% in 2016 — a growth of more than 214%.
Lending to small and medium-sized enterprises has also surged by nearly 395%, underscoring the transformative impact of digital tools on Egypt’s economy.
Looking ahead
Closing his remarks, Amer conveyed Governor Abdullah’s gratitude to all stakeholders contributing to Egypt’s digital transformation. He expressed confidence that the conference’s discussions and recommendations would further accelerate progress, positioning Egypt as a regional leader in financial innovation.
