الهيئة العامة للرقابة المالية

Dr. Islam Azzam, FRA Chairman:

• Boosting capacity building elevates the quality of non-banking financial services, ultimately driving national economic growth.

Dr. Islam Azzam, FRA Chairman witnessed the signing ceremony of a cooperation protocol between the Financial Services Institute (FSI) – FRA training arm – and the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF). This comes as part of the Authority’s ongoing efforts to enhance the capabilities and professional efficiency of human cadres in the non-banking financial sector, thereby supporting the sustainable growth and competitiveness of non-banking financial activities.

This protocol marks the fifth agreement signed within a month between the Institute and various federations and associations operating in the sector. It aims to strengthen mutual cooperation between the FSI and the Federation in designing and executing specialized training and qualification programs for employees of companies and associations within the sector. Additionally, it provides Federation members with access to the Institute’s training programs, keeping pace with the needs of operating companies and the continuous advancements in non-banking financial activities.

The protocol also aims to leverage the specialized expertise within member companies by integrating qualified professionals into the FSI’s roster of certified lecturers, in accordance with approved evaluation standards. This step will enrich the training process with practical expertise and specialized professional insights.

The signing ceremony was attended by Dr. Mohamed Abdel Aziz and Mr. Walid Anwar, Assistants to FRA Chairman; Dr. Tarek Seif, Executive Director of the Financial Services Institute; Dr. Hossam Bachir, Supervisor of the Central Department for Risk and Compliance and Microfinance Unit; Dr. Hala Abou El-Saad, Chair of the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF) along with several leaders from the Federation.

Dr. Islam Azzam emphasized that the Financial Regulatory Authority places capacity building at the forefront of its main priorities. He noted that raising the professional qualification standards of employees is a fundamental element in supporting the efficiency and sustainability of non-banking financial activities. These activities play a growing role in supporting the Egyptian economy and expanding financial inclusion, serving broader segments of beneficiaries across various demographics and sectors.

He added that the Authority is actively working to foster collaboration between the Financial Services Institute and market federations and entities to deliver specialized training programs. These programs are designed to respond to the regulatory and technological developments taking place in the non-banking financial sector, with the goal of preparing cadres who are highly capable of navigating current shifts and future growth requirements.

FRA Chairman further explained that developing employee skills directly reflects on service quality and institutional efficiency. It also boosts the sector’s capacity to attract more investments and supports financial inclusion efforts. The Authority adopts a continuous approach to develop training and qualification system in alignment with the objectives of Egypt Vision 2030 which seeks to build a more competitive and sustainable economy.

He also pointed out that FRA is highly focused on providing practical, specialized training programs in fields such as governance, risk management, financial technology (FinTech) and digital transformation, aiming to elevate competitiveness on both regional and international levels.

FRA had previously signed cooperation protocols with specialized academic and training entities to develop advanced training programs and build the capacities of employees in non-banking financial activities. This is achieved by preparing qualified cadres and updating training content to align with international best practices.

Furthermore, the cooperation frameworks include identifying the training needs of employees across various sectors and designing continuously updated programs. Within this context, FRA continues to develop the capacity-building and professional qualification ecosystem through the Financial Services Institute, offering specialized programs across diverse fields, including governance, risk management, FinTech and digital transformation.