الهيئة العامة للرقابة المالية

• The dialogue session focused on boosting financial awareness and culture, strengthening the financial capabilities of youth and issuing warnings against harmful practices.

Dr. Mohamed Abd Elaziz, Assistant to Chairman participated in a dialogue session titled “Digital Transformation and Financial Literacy in the Non-Banking Financial Sector” as part of the third edition of Youth Financial and Digital Inclusion Summit, held under the slogan “Generation 2030.” The summit was organized by the Ministry of Youth and Sports in collaboration with the Financial Regulatory Authority (FRA) bringing together 200 diverse young participants from various Egyptian universities, youth centers and people of determination.

In his opening remarks, Dr. Mohamed Abd Elaziz clarified FRA’s role as the regulatory and supervisory body responsible for overseeing all non-banking financial activities. These activities include the capital market, insurance, real estate financing, consumer financing, financial leasing, factoring, and MSME finance. He asserted that familiarizing youth with these activities is a core component of FRA’s awareness initiatives, specifically designed to empower them to seize the available financing and investment opportunities and consequently, promote financial inclusion.

Dr. Abd Elaziz urged youth to adopt a culture of savings and sound financial planning. He stressed the importance of investing their savings only in secure, supervised channels and licensed entities under FRA’s oversight. He concluded that organized saving and investment are the optimal route to build a stable financial future and the primary means of empowering young people to achieve their personal and professional goals using safe and diverse financial instruments.

Additionally, Dr. Abd Elaziz stressed the importance of combating financial fraud, explaining that the first step begins with young people being aware of their financial rights and ensuring they deal only with entities that are subjected to supervision and regulation. He warned against being misled by illusory offers or illegal investments that aim to exploit the lack of individual awareness. He confirmed that the Authority is persistent in its efforts to raise the level of financial literacy, considering it the first line of defense against any fraudulent practices.

Moreover, he shed light on FinTech concept, its goals and importance in developing non-banking financial services. He clarified that the Authority has embraced this vital sector by finalizing its regulatory framework, which has been instrumental in enabling service providers to adopt innovative, technology-based business models. This, in turn, has generated opportunities for youth to establish digital-solution startups. FinTech, Dr. Abd Elaziz confirmed, is a central pillar of FRA’s strategy, designed specifically to address three goals: increasing market efficiency, expanding the base of beneficiaries and attaining higher levels of financial inclusion.

Dr. Mohamed Abd Elaziz emphasized that Financial Inclusion is far more than just providing access to services. Its true essence lies in the transfer of knowledge and learning necessary to maximize those services’ benefits, ultimately empowering youth to make rational and effective decisions with their financial resources. He stressed that cultivating a financial culture based on awareness and knowledge is the key foundation for realizing the maximum economic and social advantages of inclusion.

Assistant to Chairman presented the strategy for developing the Non-Banking Financial Services (NBFS) sector. A primary component of this plan is boosting financial literacy and awareness across all societal segments, especially youth, to enhance financial, insurance and investment inclusion. By raising youth awareness of diverse financial solutions, the Authority aims to empower them to make sound, evidence-based decisions. This knowledge opens up new job opportunities and improves living standards by facilitating access to various financing options for starting or expanding private projects, thereby providing a positive boost to the national economy.

Furthermore, he commended the joint efforts with the Ministry of Youth and Sports, highlighting the cooperation protocol established to effectively promote non-banking financial literacy and awareness among young people, and proceeded to review the achievements realized through this framework.

He also highlighted the “Y Champions” competition, a joint initiative with the Ministry. This competition aims to boost non-banking financial literacy by challenging young people to create short, innovative and engaging video content about a non-banking financial activity. He stressed that such creative programs enable youth to participate actively in shaping a more inclusive and equitable future for financial services.

In his closing remarks, Dr. Abd Elaziz affirmed that youth are the pillars of future, stressing that their awareness of safe saving and investment practices is the best defense against financial fraud. He highlighted the Authority’s dedication to collaborate with the Ministry of Youth and Sports to enhance financial literacy and firmly establish financial inclusion for all young segments of society.