The Egypt Financial Regulatory Authority has required licensed consumer finance and medium, small and microenterprise finance providers to complete the technical and organizational changes needed to implement one-time password verification within two months. Providers must send an OTP to each customer’s verified mobile number when entering into a financing contract and when the customer uses the financing, and retain evidence of the code. The measure is intended to strengthen customer identity checks and help detect fraud, identity impersonation and inaccurate personal data before they harm customers’ creditworthiness. It extends the authority’s digital verification framework, under which supervised companies using financial technology and related outsourcing providers must verify national identification data and mobile phone ownership and check customers against anti-money laundering and restrictions-on-disposition lists.
2026-09-14Egypt Financial Regulatory Authority
Egypt Financial Regulatory Authority gives consumer and MSME finance providers two months to implement OTP verification
The Egypt Financial Regulatory Authority has given consumer and MSME finance providers two months to implement OTP verification when customers contract for and use financing. Providers must send the code to the customer’s verified mobile number and retain evidence of it, strengthening controls against fraud, identity impersonation and inaccurate customer data.