The Financial Regulatory Authority (FRA) announced the completion of the first phase of the comprehensive strategy for non-banking financial activities (2022-2026), to be announced next Monday.
Mohamed Omran, Chairperson of the FRA, explained that the second phase represents a roadmap for the next four years to develop the non-bank financial sector, in line with the sustainable development strategy Egypt Vision 2030 and aims to develop and stabilize non-bank financial markets in a manner that reflects the stability of the state’s macroeconomic conditions, and is able to achieve sustainable, inclusive growth, characterized by competitiveness and diversity, and to play an effective role in the global economy, and to be able to adapt to economic changes, maximize value-added, provide suitable and productive job opportunities, and bring the real GDP per capita to the ranks of high-income countries.
He added that with the completion of the first comprehensive strategy for the development of the non-bank financial sector (2018-2022) nearing completion, as the entities subject to its supervision contributed to providing non-bank financing amounting to about EGP 370bn through the entities and companies subject to its supervision during the past year, and it was pumped into the arteries of the national economy, providing the necessary funding to implement development projects in various sectors, absorbing hundreds of thousands of job opportunities annually, and reducing unemployment levels.
Because of the importance of financial technology and its role in the economic sector, and in line with Egypt’s Vision 2030, the sustainable development strategy, it was necessary to focus on achieving financial inclusion and sustainable development using financial technology, and for this axis to be at the forefront of the Authority’s priorities during the coming period. It clearly shows the importance of relying on information and communication technology solutions and applications in accelerating the achievement of financial inclusion goals and the access of non-bank financial services to all segments of society.
In addition to helping to reduce expenses for non-bank financial institutions and customers, and helping to extend financial services to farther regions to reach what is known globally as the concept of remote branches, which in turn contributes to financing a sustainable future.