AI-integrated eKYC and electronic contracting solutions from Digified receive approval from Egypt's Financial Regulatory Authority (FRA)
In a significant stride towards digital transformation, Egyptian fintech company Digified has received regulatory approval from the Financial Regulatory Authority (FRA) to offer its AI-powered digital onboarding, eKYC, and e-contracting services to non-banking financial institutions (NBFIs) in Egypt [1][2][4].
This approval marks a major milestone for Digified, positioning the company as a market leader in Egypt’s rapidly growing digital identity market [1][3]. With this development, NBFIs regulated by the FRA can now issue digital IDs, conduct remote customer verification, and sign contracts electronically, eliminating the need for physical paperwork or wet signatures [1][2][4].
The Digified platform offers a comprehensive suite of services designed to support a secure, compliant digital ID ecosystem for Egypt and the Middle East and Africa (MEA) region [2]. Key features include biometric and non-biometric eKYC for secure onboarding, real-time validation against government ID and mobile registry data, and smart contract technologies enabling digital signatures and contract registration [1][2][3].
These capabilities are expected to reduce onboarding costs, cut fraud, and accelerate time-to-revenue for NBFIs, while supporting a fully compliant and paperless financial services experience [3]. Digified currently handles over 25 million verification transactions annually across Egypt’s financial sector, underscoring its strong market presence [1][2].
Partners such as Plug and Play, Creativa Innovation Hub, and ITIDA have played significant roles in supporting Digified’s journey to this regulatory milestone [1][2][4]. The FRA approval is also seen as a key enabler in Egypt’s ambitions to become a regional fintech and digital identity hub [3].
In addition to its digital ID services, Digified offers e-Contracts & Registry, which allows for the creation of legally binding dynamic and smart contracts with digital signatures and government official contract registration [1]. This feature will enable NBFIs to operate more efficiently and provide a seamless digital experience to their customers.
With this approval, Digified is poised to further advance its mission to deliver digital identity solutions that are secure, compliant, and fully digital, thereby fostering financial inclusion and accelerating Egypt’s fintech ecosystem growth [1][2][3][4]. The company, under the leadership of CEO Ibrahim Hassan, is dedicated to powering the future of digital identity in emerging markets.
- The mobile-based artificially intelligent infrastructure developed by Digified has received approval from the Financial Regulatory Authority (FRA), allowing it to offer digital onboarding, eKYC, and e-contracting services to non-banking financial institutions (NBFIs) in Egypt.
- With this approval, NBFIs regulated by the FRA can now issue digital IDs, conduct remote customer verification, and sign contracts electronically, thanks to Digified's platform that supports a secure, compliant digital ID ecosystem for Egypt and the Middle East and Africa (MEA) region.
- Key features of the Digified platform include biometric and non-biometric eKYC for secure onboarding, real-time validation against government ID and mobile registry data, and smart contract technologies enabling digital signatures and contract registration.
- This development is expected to reduce onboarding costs, cut fraud, and accelerate time-to-revenue for NBFIs, while supporting a fully compliant and paperless financial services experience in the fintech industry.
- In addition to its digital ID services, Digified offers e-Contracts & Registry, which allows for the creation of legally binding dynamic and smart contracts with digital signatures and government official contract registration, further enhancing its mission to deliver digital identity solutions that are secure, compliant, and fully digital in the fintech technology sector.
){kind=link}