The Central Bank of Egypt (CBE) is planning to allow customers to open bank accounts via a mobile phone application that is set to be launched next year, an unnamed official source told Asharq Business.

The new service will be offered via the Digital Financial Identity Company, in which the CBE holds a 55% stake, the source noted, adding that the capital of this company amounts to EGP 500 million.

Also, he noted that this service would be linked to banks operating in Egypt via the app.

Egyptians inside and outside the country will be able to use the app, the source added.

A total of 38 banks are operating in Egypt, including 9 government lenders.

Egypt’s financial inclusion rate among citizens increased by 5.4% during the first six months of 2023, hitting 67.3%.