Digified, a Cairo-based digital identity provider, has received regulatory approval from Egypt’s Financial Regulatory Authority (FRA) to offer its AI-powered digital onboarding, eKYC, and e-contracting services to non-banking financial institutions (NBFIs) in the country.
With this approval, companies in the lending, investment, and insurance sectors regulated by the FRA can now create digital IDs, conduct electronic know-your-customer (eKYC) processes, and sign contracts remotely, without the need for physical paperwork or signatures.
These digitally signed contracts are recognised as legally binding in Egyptian courts, allowing fintech platforms to operate as formal digital branches.
The company acknowledged the role of its partners in achieving this milestone, including Plug and Play, Creativa Innovation Hub, and ITIDA, whose support and investment were described as instrumental.
Ibrahim Hassan, CEO of Digified, said:
“Thanks to our pioneering team, this licence is a major milestone for Digified and highlights how AI creates value in advancing financial and digital inclusion in Egypt. We also extend our gratitude to Dr Mohamed Farid, FRA Chairman, and the FRA leadership team for their vision and support. This achievement furthers our mission to deliver a secure, compliant, fully digital ID suite for Egypt and the MEA region.”
The license strengthens Digified’s position in Egypt’s growing digital identity market, where the company currently handles over 25 million verification transactions annually across regulated sectors.
Its platform offers real-time identity validation and fraud prevention, with integration into government databases to authenticate national ID and mobile registry information, and supports the creation and legal registration of smart contracts.
Digified is active across the Middle East and Africa, providing AI-based digital identity solutions aimed at supporting secure and compliant digital onboarding for the region’s financial technology and digital services sectors.
Featured image credit: Digified
