Digified has announced that it has obtained regulatory approval from Egypt’s Financial Regulatory Authority (FRA) to offer AI-driven digital onboarding, electronic Know Your Customer (eKYC), and e-contracting services tailored specifically for non-banking financial institutions (NBFIs). This milestone enables lending, investment, and insurance firms regulated by the FRA to create digital IDs, verify eKYC, and sign legally binding contracts digitally—eliminating the need for paperwork, wet signatures, or physical presence. These e-contracts carry full legal validity in Egyptian courts, effectively enabling fintech applications to serve as official digital branches.
The achievement was supported by key partners including Plug and Play, Creativa Innovation Hub, and ITIDA, whose investments and trust were crucial in realizing this success.
Ibrahim Hassan, CEO of Digified, said, “This licence marks a major milestone and demonstrates how AI can advance financial and digital inclusion in Egypt. We thank FRA Chairman Dr. Mohamed Farid and the leadership team for their vision and support. This positions Digified to lead in the region’s fast-growing digital identity market, with over 25 million verification transactions annually across lending, investment, and insurance sectors.”
The FRA-compliant platform offers:
- Digital ID Creation: Biometric and non-biometric eKYC for secure client onboarding.
- Government Data Authentication: Real-time validation via national ID and mobile registry databases.
- E-Contracts & Registry: Legally binding smart contracts with digital signatures and official government registration.
Digified powers secure, compliant digital onboarding and identity verification solutions across the Middle East and Africa, supporting real-time fraud prevention and trusted digital identity infrastructure to drive growth and inclusion in emerging markets.
