The Central Bank of Egypt (CBE) has released its latest financial statement, revealing its plans to establish a new company focusing on financial digital identification.
The CBE has committed to contributing 275 million Egyptian pounds ($8.8 million) to the newly formed entity, giving them a controlling stake of 55 percent ownership.
This strategic move aims to bolster the country’s financial inclusion efforts and amplify its digital transformation initiatives. The CBE’s goal is to cement its position as a leading financial institution in the region, and this new venture is expected to enhance its reputation further.
Digital ID in financial services is designed to help verify the identity of users, reducing fraud and improving security. This type of identification is based on personal information, such as names, addresses, and social security numbers. It is commonly used to create online accounts and verify transactions.
