Building inclusive economies: MSC’s impact on digital ID and e-KYC in Eastern Europe and Central Asia

• Dec 28, 2023
• 1 min

The Alliance for Financial Inclusion (AFI) contracted MSC to develop a regional policy framework on e-KYC and Digital ID for seven Eastern European and Central African countries. The findings and recommendations helped strengthen and improve these countries’ digital ID systems and e-KYC norms.

The Alliance for Financial Inclusion (AFI) contracted MSC to develop a regional policy framework on e-KYC and Digital ID for seven Eastern Europe and Central Asian countries. These countries included Armenia, Belarus, Russia, Mongolia, Kazakhstan, Tajikistan, and Uzbekistan. MSC provided end-to-end technical support to these countries, which included extensive regulatory analysis and policy advisory of the digital ID system, e-KYC norms, and compliance with Financial Action Task Force (FATF), Anti Money Laundering (AML) or Countering the Financing of Terrorism (CFT) regulations for enhanced financial inclusion. MSC also conducted ideation workshops with global experts from AFI to finalize the assessment framework.

MSC’s intervention led to the development of a regional framework on e-KYC and Digital ID. The framework includes three broad components—policy development, infrastructure and development, policy implementation, and ecosystem development. These components detail specific principles AFI members in these countries can consider as they formulate digital ID and e-KYC policies.

The findings and recommendations helped the regulators and policymakers improve the Digital ID system and e-KYC norms in the seven Eastern European and Central Asian countries.

The Alliance for Financial Inclusion commissioned this project.