AI-Enabled Identity Verification and Digital Contracting from Digified Gains Approval from Egypt's Financial Regulatory Authority
In a significant stride for Egypt's fintech sector, Digified, a leading provider of AI-driven digital identity solutions, has received regulatory approval from the Financial Regulatory Authority (FRA) to offer its digital onboarding, eKYC, and e-contracting services to non-banking financial institutions (NBFIs) in Egypt.
This approval marks a milestone in advancing financial and digital inclusion in Egypt. With this development, lending, investment, and insurance companies regulated by the FRA can now issue digital IDs, perform secure electronic Know Your Customer (eKYC) validation, and execute legally binding e-contracts digitally, without the need for paperwork, wet signatures, or physical presence.
Digified's platform, designed to enable real-time identity validation and fraud prevention for the digital economy and FinTech, incorporates biometric and non-biometric digital ID creation for client onboarding. It also validates client information via national ID and mobile registry databases for government data authentication. The digitally signed contracts hold full legal validity in Egyptian courts, allowing fintech platforms to operate as official digital branches in Egypt's financial ecosystem.
The regulatory milestone is a testament to Digified's commitment to delivering a secure, compliant, fully digital ID suite for Egypt and the Middle East and Africa (MEA) region. The company processes over 25 million verification transactions annually across Egypt’s NBFI sector and is now positioned to expand its services across all fintech domains in Egypt and the broader MEA region.
Dr Mohamed Farid, FRA Chairman, and the FRA leadership team provided vision and support for this achievement. Digified's pioneering team, backed by local and international partners, played a significant role in achieving this milestone. Partnerships with Plug and Play, Creativa Innovation Hub, and ITIDA have been instrumental in supporting Digified's growth and compliance journey.
By enabling fully digital onboarding and contract signing, Digified's services are transforming the fintech sector in Egypt. They reduce reliance on physical paperwork and in-person verification, accelerating customer acquisition processes. Enhanced security and compliance via AI-powered identity verification and fraud prevention are also key benefits. Operational efficiency and scalability for fintech firms in lending, insurance, and investment are boosted, while allowing fintech apps to function as legal digital branches expands access and convenience for end users.
Digified's e-Contracts & Registry feature allows for the creation of legally binding dynamic and smart contracts with digital signatures and government official contract registration. With this approval, Digified is streamlining customer onboarding workflows, ensuring legal compliance, and accelerating digital transformation in Egypt’s burgeoning fintech landscape.
Ibrahim Hassan, Digified's CEO, expressed his gratitude for the FRA's support and looked forward to continuing to empower growth and digital inclusion in emerging markets by building trusted digital identity infrastructures.
- Digified's AI-driven digital identity solutions, including digital onboarding, eKYC, and e-contracting services, have received regulatory approval from the Financial Regulatory Authority (FRA), enabling them to serve non-banking financial institutions (NBFIs) in Egypt.
- With this approval, fintech platforms in Egypt can now issue digital IDs, perform secure electronic Know Your Customer (eKYC) validation, and execute legally binding e-contracts digitally, fostering financial and digital inclusion.
- Digified's platform, designed for real-time identity validation and fraud prevention in the digital economy and fintech, uses biometric and non-biometric digital ID creation for client onboarding, validates client information via national ID and mobile registry databases, and ensures legally valid digitally signed contracts in Egyptian courts.
- The regulatory milestone for Digified signifies a transformation in Egypt's fintech sector, as it reduces reliance on physical paperwork and in-person verification, accelerates customer acquisition processes, enhances security and compliance, boosts operational efficiency and scalability for fintech firms, and expands access and convenience for end users.
