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Project for digitising customer data verification to be implemented soon

The first phase of the national eKYC project, a groundbreaking initiative to digitise customer data verification, will be implemented next year. The project, to create an ‘Electronic Know Your Customer’ (eKYC) database for Bahrain will be in place starting April next year, according to sources. The project would pave way for the implementation of electronic methods to verify the identity of customers.

According to the Central Bank of Bahrain (CBB), the eKYC serves to “streamline the customer onboarding process and the on-going updates of customer information undertaken by financial institutions in Bahrain”. The project will first be implemented in the financial industry and will later be implemented in other industries as well.

The Central Bank of Bahrain, The Information and eGovernment Authority (iGA), Economic Development Board, BAB and the BENEFIT company are the stakeholders of the project. Hessa Ali Hussain, Head of Bahrain Credit Reference Bureau at The BENEFIT Company said that the eKYC will save customers a lot of time.

“If we look at the KYC process today, the main weakness is the slowness in customer onboarding. The customers need to wait in line before they can have access to a customer service agent to take care of their need. “Besides, they may also need to wait days before certain financial services are approved for them.