Banque Misr: Project «eKYC» It is a breakthrough in digital payments and promotes financial inclusion.

Moataz Mutawa, Head of Retail Banking and Digital Payments at Banque Misr, said that the eKYC project is a major breakthrough in the field of digital payments and supporting financial inclusion in Egypt.

During his participation in the PAFIX conference, he explained that the application of the« eKYC» It will reduce the cost of banking services to customers, while facilitating faster and more efficient access to services.

He pointed out that the project will create wider competitive opportunities within the financial sector, by enhancing the ability of financial institutions to understand the needs of customers more accurately, which supports the development of new products and services compatible with different segments.

He added that the eKYC project will save the banking sector many transaction risks by improving customer verification mechanisms and securing banking operations, pointing out that its application will contribute to dividing customers into new segments and providing services tailored to their needs.

Mohamed Al-Sabban, Head of Innovation and Strategic Projects at Banque Misr, said that the eKYC project will be a new push to boost the spread of digital payments across the country and support the country’s efforts to expand financial inclusion.

During his participation in the conference, Sabban pointed out that Egypt began its digital transformation journey since the early 1990s, and has been able to achieve successive leaps that enabled it to reach an advanced stage in the digitization of financial services.

He explained that the application «InstaPay» It has become one of the most prominent results of this shift, with transactions exceeding 3 trillion pounds by the end of 2024, expected to rise by the end of 2025 with increased reliance on digital payments.

Al - Sabban «InstaPay» He pointed out that what has been achieved reflects the strength of the technological structure of the banking sector and its ability to keep pace with global development.

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