The Central Financial institution of Egypt (CBE) and the Ministry of Overseas Affairs have launched the “Replace Your KYC in Egypt” initiative, enabling Egyptians working overseas to replace their banking data with out travelling to Egypt.
The initiative is being carried out in partnership with the Nationwide Financial institution of Egypt (NBE) and Banque Misr, in coordination with the Egyptian Cash Laundering and Terrorist Financing Combatting Unit (EMLCU) and the Federation of Egyptian Banks (FEB), as a part of broader efforts to boost banking companies for Egyptians overseas and strengthen their reference to the homeland.
A cooperation protocol was signed between the Ministry of Overseas Affairs, NBE and Banque Misr within the presence of Tarek ElKholy, Deputy Governor of the CBE for Banking Stability. The settlement was signed by Ambassador Nabil Habashi, Deputy Minister of Overseas Affairs, Worldwide Cooperation, and Egyptian Expatriates; Mohamed El-Etreby, Chief Govt Officer of NBE; and Hisham Okasha, Chief Govt Officer of Banque Misr.
The signing befell on the sidelines of the seventh annual Convention for Egyptians Overseas, held beneath the theme “No Matter How Far We Are, Egypt Brings Us Nearer.”
Beneath the initiative, Egyptians working overseas can replace their banking information with NBE or Banque Misr by visiting the closest Egyptian embassy or consulate of their nation of residence to finish and signal a buyer information replace kind. The diplomatic mission will confirm the paperwork and ahead them to the ministry of overseas affairs to finish the authentication procedures earlier than sending them to the shopper’s financial institution to finalise the Know Your Buyer (KYC) replace.
CBE Governor Hassan Abdalla mentioned the initiative displays the central financial institution’s dedication to enhancing banking companies for Egyptians overseas by offering extra environment friendly and versatile options, supporting the state’s monetary inclusion technique and strengthening ties with the Egyptian diaspora.
He added that the initiative builds on the success of the lately launched “Open Your Account in Egypt” programme, which was additionally carried out in cooperation with the Ministry of Overseas Affairs. Abdalla mentioned the brand new service represents one other step in direction of enhancing the banking expertise for Egyptians overseas whereas simplifying buyer information updates consistent with regulatory necessities, due diligence requirements and worldwide banking greatest practices.
For his half, Minister of Overseas Affairs, Worldwide Cooperation, and Egyptian Expatriates Badr Abdelatty mentioned the protocol with NBE and Banque Misr responds on to repeated requests from Egyptians overseas by permitting diplomatic missions and consulates to confirm signatures on banking information replace kinds.
He famous that the initiative implements one of many key suggestions issued through the sixth annual Convention for Egyptians Overseas, held in August 2025, and enhances a broader bundle of programmes developed by the ministry in cooperation with authorities entities to enhance companies for Egyptian expatriates consistent with presidential directives.
Abdelatty added that discussions throughout this 12 months’s convention are targeted on extra proposals and sensible initiatives aimed toward assembly the aspirations of Egyptians overseas and strengthening their hyperlinks with Egypt.
The minister additionally expressed appreciation to the CBE, the Egyptian Cash Laundering and Terrorist Financing Combatting Unit, NBE and Banque Misr for his or her cooperation in implementing the initiative. He mentioned the brand new service will facilitate monetary transactions for Egyptians overseas and encourage better inflows of overseas foreign money financial savings into Egypt.
