[Egypt] Expatriate banking data initiative launched

In Egypt, the Ministry of Foreign Affairs has signed a cooperation protocol with the state’s National Bank of Egypt (NBE) and Banque Misr, launching the Update Your Customer Banking Data initiative to facilitate banking services for Egyptians abroad Ahram Online reports.

The Central Bank of Egypt (CBE) announced the signing of the initiative which will enable Egyptians working abroad to update their banking data with NBE or Banque Misr by completing the data update form at the nearest Egyptian diplomatic consulate in their country of residence.

It will reportedly be implemented in coordination with the CBE, the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) and the Federation of Egyptian Banks (FEB).

According to the CBE, the consulate will verify data update forms and forward them to the ministry for verification before submitting it to the customer’s respective bank to finalise the data update process.

The signing initiative follows the successful implementation of the Open Your Account in Egypt initiative, and other expat incentives including the reduction of passport issuance times and an increase in the number of document authentication offices.

CBE Governor Hassan Abdallah stated that it represents a step towards “simplifying customer data update processes, while ensuring compliance with regulatory requirements, due diligence measures, and international banking best practices.”

The intention of the new initiative is to improve communication with Egyptians abroad and streamline banking services through more efficient and flexible solutions.

The ministry also reportedly signed three other agreements, including one with Egyptian fintech platform Sahl or Delta Masr for Payments to raise awareness about electronic payments among Egyptians abroad and another with Misr Life Insurance Company to launch the Your Pension Tomorrow in Dollars programme for Egyptians abroad.

Source: Ahram Online

(Link via original reporting)

In Egypt, the Ministry of Foreign Affairs has signed a cooperation protocol with the state’s National Bank of Egypt (NBE) and Banque Misr, launching the Update Your Customer Banking Data initiative to facilitate banking services for Egyptians abroad Ahram Online reports.

The Central Bank of Egypt (CBE) announced the signing of the initiative which will enable Egyptians working abroad to update their banking data with NBE or Banque Misr by completing the data update form at the nearest Egyptian diplomatic consulate in their country of residence.

It will reportedly be implemented in coordination with the CBE, the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) and the Federation of Egyptian Banks (FEB).

According to the CBE, the consulate will verify data update forms and forward them to the ministry for verification before submitting it to the customer’s respective bank to finalise the data update process.

The signing initiative follows the successful implementation of the Open Your Account in Egypt initiative, and other expat incentives including the reduction of passport issuance times and an increase in the number of document authentication offices.

CBE Governor Hassan Abdallah stated that it represents a step towards “simplifying customer data update processes, while ensuring compliance with regulatory requirements, due diligence measures, and international banking best practices.”

The intention of the new initiative is to improve communication with Egyptians abroad and streamline banking services through more efficient and flexible solutions.

The ministry also reportedly signed three other agreements, including one with Egyptian fintech platform Sahl or Delta Masr for Payments to raise awareness about electronic payments among Egyptians abroad and another with Misr Life Insurance Company to launch the Your Pension Tomorrow in Dollars programme for Egyptians abroad.

Source: Ahram Online

(Link via original reporting)