The Central Bank of Egypt and the Internal Trade Development Authority have signed a new cooperation protocol aimed at enhancing digital access to unified commercial registry data for Egypt’s banking sector, in a move designed to strengthen financial inclusion, improve corporate data quality, and accelerate the country’s digital transformation agenda.
The agreement was signed in the presence of Hassan Abdalla and Sherif Farouk, according to official statements issued by the Central Bank of Egypt and the State Information Service.
Under the protocol, banks will gain electronic access to updated unified commercial registry records, including the unified commercial registration number and detailed corporate information covering economic activity, ownership structures, legal status, capital composition, management structures, and geographic distribution.
Governor Hassan Abdalla said the initiative would contribute to improving the quality and accuracy of corporate data across businesses of all sizes, helping expand access to financial services while supporting Egypt’s broader objective of achieving sustainable knowledge-based economic growth.
He added that the system is expected to enhance the competitiveness and flexibility of the Egyptian economy while supporting job creation and strengthening the banking sector’s ability to serve businesses more efficiently.
For his part, Minister Sherif Farouk described the protocol as part of Egypt’s wider digital transformation efforts, noting that the Internal Trade Development Authority has implemented multiple integrated digital projects aimed at modernizing public services, reducing paper-based procedures, and improving institutional efficiency.
The agreement comes as Egypt’s banking sector continues accelerating digital transformation initiatives, particularly in areas related to financial inclusion, digital payments, SME financing, and regulatory technology infrastructure.
According to the Central Bank, the protocol represents a major step toward completing the national corporate financial inclusion database by enabling banks to access more accurate and continuously updated commercial information.
Officials said the new framework is expected to improve banks’ ability to conduct risk assessments, accelerate financing decisions, and develop more tailored banking products for micro, small and medium-sized enterprises, as well as women-led businesses.
The protocol also forms part of broader government efforts to formalize large segments of Egypt’s informal economy through improved data transparency and digital connectivity between state institutions and financial entities.
Banking and fintech analysts note that enhancing interoperability between commercial registry systems and financial institutions could significantly improve Know Your Customer (KYC) procedures, strengthen anti-money laundering compliance, reduce operational inefficiencies, and support faster digital onboarding processes within Egypt’s banking ecosystem.
The initiative additionally aligns with Egypt’s Sustainable Development Strategy “Vision 2030,” particularly regarding financial inclusion, digital governance, gender equality, and improving Egypt’s position in international business and investment indicators.
As The Middle East Observer notes, the agreement reflects Egypt’s accelerating shift toward integrated digital economic infrastructure, with policymakers increasingly viewing centralized corporate data systems as a strategic foundation for expanding financial inclusion, improving credit accessibility, strengthening regulatory oversight, and modernizing the country’s investment environment.
