Egypt’s Financial Regulatory Authority (FRA), emphasized its commitment to accelerating digital transformation in Egypt’s non-banking financial sector. Speaking at the Cairo ICT Exhibition and Conference, Mohamed Farid, Chairperson of FRA highlighted the authority’s efforts. The authority’s main goal is to create a supportive regulatory environment for fintech innovation. Farid announced the launch of the FRA’s regulatory sandbox, which is to support startups offering innovative solutions in the non-banking financial sector.
This sandbox provides startups with guidance and oversight, encouraging innovation within a controlled environment while fostering digital solutions. Among the Egyptian companies that are driving significant change in Egypt’s financial ecosystem: Fawry, Paymob, MNT-Halan, Money Fellows and Paysky.
Farid outlined the FRA’s recent initiatives, including the development of a clear regulatory framework aimed at digitizing non-banking financial transactions. Key steps include the enactment of Law No. 5 of 2022 and related executive decisions, which govern the use of technology, Know Your Customer (KYC) protocols, and digital identity verification. These efforts align with Egypt’s Vision 2030 goals of creating a knowledge-based digital economy and promoting financial inclusion. During the event, Prime Minister Mostafa Madbouly, Minister of Communications Amr Talaat, and Minister of Higher Education Ayman Ashour visited the FRA pavilion. The FRA’s presence at the Cauro ICT Expo spans several days, featuring workshops and panel discussions on digital finance. The events were highlighting the authority’s role in raising public awareness about the benefits of non-banking financial services.
