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CBE establishes financial inclusion information database - Daily News Egypt

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CBE establishes financial inclusion information database

We aim to boost banking services’ beneficiaries, avoid duplication, says CBE

The Central Bank of Egypt (CBE) has established a comprehensive database to compile and analyse information regarding the financial inclusion of the banking sector.

According to a statement issued by the CBE, the aim of launching the database is to reach the actual number of beneficiaries from banking services and avoid duplications, noting that the first step in establishing the database will be to collect information of actual individuals.

The CBE pointed out that the project will include phases, starting by collecting the basic data from Egyptian individuals from customers of the banking sector, deposits, and electronic banking services, based on the official documents included in the customer identification rules issued by the money laundering unit on 14 April 2011, which includes the ID, passport, the military service card of the armed forces, provided that the national ID card is the first option for the bank if available.

Moreover, the CBE is prepared to make the database available as of 30 September to begin the pilot phase.

Meanwhile, the CBE obliged banks to send full customer data by e-mail by 21 October. The updates of the clients’ data should then be uploaded in the first week of each month.

The data requested by the CBE in the first phase include the deposit data and electronic banking services in accordance with the bank’s monthly records and positions. This is the first stage of data collection for financial inclusion purposes.

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