In an interview during Cairo ICT 2025, the Egypt Financial Regulatory Authority’s chair, Mohamed Farid, set out a digital roadmap for the authority and Egypt’s non-banking financial sector, centred on mandatory digitisation, data-driven supervision, and new technology partnerships. He highlighted a shift in supervisory approach from a traditionally restrictive posture to an enabling model that uses technology to support market growth while maintaining consumer protection. Key initiatives include a forthcoming collaboration with eFinance to launch a comprehensive payments platform covering all services the authority provides to supervised firms, with each firm assigned an electronic profile to pay service fees digitally, marking the end of paper-based payments at the authority. A separate planned cooperation with eTax, an eFinance subsidiary, would allow factoring companies to instantly query and verify invoices to help organise the market and prevent fraud, alongside a broader focus on anti-fraud efforts in health and insurance. Farid also pointed to cross-cutting use of technology across 14 supervised activities governed by around 14 laws, progress on electronic know-your-customer (e-KYC) using phone number and national ID (with 17 companies adopting the technology and six outsourcing providers registered), and reliance on a stronger legal and data infrastructure, including electronic contracts referenced in Law No. 5 of 2022 and recognised by economic courts. The interview also linked digitisation to new market offerings, including online sale of insurance policies, a fractional ownership platform, and regulation of investment funds in metals. Farid reported that 25 of 79 non-banking financial firms provide services fully digitally, while 54 meet digital requirements, with digital activity split across insurance (6%), finance (29%) and capital markets (65%), and noted that the fractional ownership framework was followed by around 25 applications to establish real estate investment funds compared with two previously.
Egypt Financial Regulatory Authority 2025-11-17
Egypt Financial Regulatory Authority signals end of paper payments and plans unified e-payment platform with eFinance and eTax
At Cairo ICT 2025, Mohamed Farid, chair of Egypt's Financial Regulatory Authority, outlined a digital roadmap for the non-banking financial sector, emphasizing mandatory digitisation, data-driven supervision, and technology partnerships. Initiatives include collaborating with eFinance on a payments platform, partnering with eTax for invoice verification, adopting electronic know-your-customer (e-KYC) processes, and introducing online insurance sales and fractional ownership platforms.