MNT-Halan receives approval to implement e-KYC

The company aims to offer a more convenient digital experience by eliminating friction and traditional paperwork and enabling a fully digital onboarding experience. This will allow users to open and activate their accounts in minutes and access credit limits and investment opportunities anytime, anywhere.

e-KYC for MNT-Halan clients

e-KYC is the digital version of the traditional KYC process used to verify a customer's identity before allowing transactions or opening a new bank account. Both approaches aim to prevent money laundering, terrorism financing, and other illegal activities by identifying fraudulent attempts to pose as legitimate clients.

MNT-Halan’s mission is to improve its customer’s experience by improving access to financial services through modern technology. It provides business and customer loans, prepaid cards, e-wallets, savings and ecommerce services through the Halan app and physical points in Egypt.

MNT-Halan holds micro, consumer, and nano finance licenses from the Egyptian Financial Regulatory Authority and the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect, and transfer money digitally through mobile applications. With this new approval from the FRA, MNT-Halan reinforces its mission to simplify finance and offer inclusive services, ensuring more individuals can access the financial services they need.

The e-KYC removes the need for physical paper signatures and in-person identity checks, offering accessibility and convenience for clients. Since e-KYC relies on digital identity checks, it includes more customer identifiers than standard online verification. The essential features are ID verification, biometric authentication, risk monitoring, and AML and PEP checks.

eKYC speeds up customer registration and reverification processes, lowers the chance of identity fraud, cuts operational costs for businesses, and offers a scalable framework that allows onboarding from anywhere in the world.