الهيئة العامة للرقابة المالية

Cairo ICT: Dr. Rehab Taha Highlights Efforts to Boost Non-Banking Finance Efficiency –  Tuesday 10 November 2026

• Sustainable growth, responsible finance, sound underwriting, healthy credit portfolios and consumer protection drive industry success.
• Behavioral Scoring promotes inclusion rather than credit exclusion, guaranteeing client transparency.
• FRA regulatory updates manage risk preemptively without slowing growth, backed by ongoing FRA support.

Dr. Rehab Taha, Assistant to Chairman for the Non-Banking Financial Sector announced that FRA— chaired by Dr. Islam Azzam—has introduced a comprehensive suite of regulatory and technological measures to ensure the stability and sustainable growth of Egypt’s non-banking financial sector. Speaking at Cairo ICT 2026 during a panel discussion titled “The Future of Non-Banking Finance: FRA’s New Mandates,” Dr.  Rehab Taha highlighted the Authority’s transition from traditional supervision to real-time oversight. This shift is designed to promote responsible finance, safeguard consumer rights and enhance financial inclusion in alignment with Egypt Vision 2030.

The panel took place at the Egyptian Credit Bureau (“iScore”) pavilion, featuring leading figures from the financial and technology sectors.

Dr. Rehab Taha highlighted the exponential expansion of the consumer finance sector, noting that total funding surged from EGP 8 billion serving 262,000 beneficiaries to approximately EGP 96 billion serving nearly 12 million beneficiaries in just five years.

She added that to keep pace with this rapid growth and mitigate associated challenges—such as uneven credit quality, rising debt burdens, default risks, identity theft, and financial fraud—FRA recently issued several pivotal decisions to tighten creditworthiness standards and prevent over-indebtedness.

Among the key measures is a mandate for real-time data integration between consumer finance companies and iScore. This connectivity enables instant tracking across all stages of lending cycle, including initial approval, disbursement, partial or full repayment and final settlement or legal procedures. By providing immediate visibility into a client’s active commitments, the regulation prevents borrowers from taking on multiple loans beyond their repayment capacity.

To reinforce digital security and identity verification, FRA also mandated that institutions operating in consumer finance, as well as SME and microfinance, implement One-Time Password (OTP) verification. Sent directly to a client’s registered mobile number during approval, disbursement and usage, this verification requirement reduces the risk of impersonation and fraud while building greater consumer confidence in digital financial transactions.

Additionally, FRA directed financing entities to incorporate behavioral assessments derived from alternative data into their credit decisions. This approach allows lenders to evaluate payment patterns and build a more comprehensive profile of creditworthiness, particularly for individuals who lack a traditional credit history. Dr. Rehab Taha stressed that behavioral scoring serves as an inclusive tool rather than a means for credit exclusion, opening doors for broader segments of the population to access formal financing.

While behavioral scoring provides critical support, Dr. Rehab Taha clarified that it does not relieve institutions of their primary responsibility to conduct thorough credit due diligence. She added that rejected applicants retain full rights to know the reasons behind a denial, request data updates and appeal inaccurate information, ensuring transparency and fairness throughout the process.

Dr. Rehab Taha emphasized that the Authority’s recent decisions and measures are not intended to curb the sector’s growth rate. Instead, their primary goal is to ensure credit quality and strike a balance between market prosperity and consumer protection. She affirmed that solely the volume of financing granted no longer measures the metric for success, but by sustainable growth, responsible financing, sound lending practices, healthy credit portfolios and the protection of consumer rights.

Furthermore, she highlighted that FRA’s market-oriented strategy directly drives growth, emphasizing that all decisions stem from continuous consultation with industry stakeholders.

Concluding her remarks, Dr. Rehab Taha stated that FRA is committed to providing full technical support to all licensed entities under its supervision, establishing open communication channels to answer any inquiries, and granting adequate compliance grace periods. This approach ensures a smooth transition to the new regulatory requirements while preserving sustainable growth and financial stability.

FRA Chairman Directs Railway Accident Insurance Pool to Swiftly Respond to El-Ayyat Train Collision – Sunday 8 November 2026

Dr. Islam Azzam, FRA Chairman is actively monitoring the aftermath of the two-train collision in El-Ayyat – Giza Governorate, expressing his deep condolences to the families of the victims and wishing a speedy recovery to those injured.

In response to the incident, Dr. Islam Azzam directed the Railway and Metro Accident Insurance Pool to immediately initiate the necessary procedures to payout compensation to the families of the victims.

Under extraordinary measures, the compensation payout for fatalities and total permanent disability has been raised from EGP 30,000 to EGP 50,000. Other injury claims will be processed in accordance with applicable legal regulations and required medical reports.

FRA Chairman called for immediate communication with the victims’ families and swift disbursement of funds upon receipt of the necessary paperwork, reaffirming that the Authority will closely follow further updates.

Cairo ICT 2026: FRA Chairman  Highlights Digital Transformation in Non-Banking Finance – Saturday 7 November 2026

FRA Chairman:

• Recent regulations enable non-banking financial institutions to safely deliver services digitally.
• Significant growth in e-KYC and digital contracts across capital markets, insurance and non-banking finance.
• 7M+ e-KYC verifications and 862K+ digital contracts registered to date.
• FRA Sandbox provides a secure testing ground for new FinTech solutions; 2 projects have advanced to active market testing.
• Advancing research on AI for predictive market analytics and early risk detection.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, participated in the 30^th  edition of Cairo International Technology Exhibition and Conference (Cairo ICT 2026). The event kicked off under the theme “AI in Action,” with Prime Minister Dr. Moustafa Madbouly in attendance at Egypt International Exhibition Center (EIEC).

During the exhibition, Prime Minister Madbouly visited FRA pavilion, where Dr. Islam Azzam presented the Authority’s latest efforts to drive safe digital transformation across non-banking financial activities. He emphasized that FRA stands at the forefront of establishing a comprehensive legislative framework, anchored by Law No. 5 of 2022 on Regulating the Use of FinTech in Non-Banking Financial Activities.

FRA Chairman highlighted the series of regulatory decisions that paved the way for a complete framework governing FinTech adoption in non-banking financial activities. Key measures include guidelines for electronic Know-Your-Customer (e-KYC) processes, digital contract execution and archiving, digital register management, and strict standards for digital identity, governance, risk management, data privacy, and cybersecurity. These mandates actively incentivize the integration of FinTech across capital markets, investment funds, insurance, and non-banking financing sectors.

Dr. Islam Azzam explained that these regulations establish an integrated ecosystem enabling companies to deliver financial services digitally, securely, and reliably. Regulated institutions are required to upgrade their technological infrastructure to guarantee data protection and manage tech risks. Additionally, companies must create comprehensive systems for verification, digital identity, smart contracts and outsourcing registries. To maintain licensing compliance, institutions must institute dedicated cybersecurity policies, conduct periodic penetration testing with regular reporting to FRAand secure mandatory cyber liability insurance coverage.

These efforts have led to a massive surge in digital onboarding across Egypt’s non-banking financial sector. E-KYC verifications reached over 1.727 million as of late October 2026, up significantly from 354,000 at the end of 2025. Similarly, registered digital contracts reached 862,000, compared to 190,000 recorded at end-2025.

 He added that to foster continuous innovation, FRA Regulatory Sandbox has served as a controlled testing ground for emerging market solutions. The sandbox has processed 67 applications and issued 67 regulatory guidance notes to date. Out of these, 11 projects have received preliminary approval, with 2 projects successfully advancing to live market testing. Additionally, the Authority has conducted specialized training programs to enhance the capabilities of professionals across various non-banking financial sectors in cybersecurity and financial technology.

Dr.  Islam Azzam also highlighted the latest tech-driven developments incentivizing investment under FRA supervision. Most notably, this includes digital platforms for investing in Real Estate Investment Fund units—representing state-of-the-art systems where FinTech is widely deployed, requiring advanced and comprehensive security measures across all transactions between funds, platform management and investors.

In alignment with Cairo ICT’s focus on artificial intelligence, FRA is laying the foundation for advanced supervisory technology and predictive analytics. The Authority is actively studying AI integration to automate data analysis, extract dynamic market indicators, enhance early risk detection, and establish a centralized cross-sector anti-fraud network.

To support these initiatives, FRA is rolling out a central digital integration project across all regulated entities. This system enables real-time data analysis, feeding key insights back into the market to help institutions design tailored insurance and financing products.

FRA pavilion also features joint participation from major industry bodies, including federations representing Insurance, Real Estate Finance, SME & Microfinance, Consumer Finance, Factoring, Financial Leasing, and Securities.

The pavilion provides exhibition visitors with an up-close look at non-banking financial activities and the opportunities FinTech offers to develop products and services. Visitors can engage directly with specialized FRA representatives from the Central Directorate for Financial Awareness and Culture. Additionally, the pavilion features educational booklets for adults and children under the “I Invest” initiative, alongside interactive presentations designed to educate citizens of all ages on safe, FRA-regulated investment opportunities, as well as consumer rights and obligations.