الهيئة العامة للرقابة المالية

Dr. Mohamed Abdel Aziz, Assistant To FRA Chairman :

• FRA has fostered a belief in the leadership potential of Egyptian women.
• We consistently track women’s progress in leadership roles and board positions within the non-bank financial sector.

Dr. Mohamed Abdel Aziz, Assistant to Chairman FRA, delivered a keynote address at CEO Women Conference. He outlined the Authority’s commitment to empowering women by providing them with opportunities for leadership and participation in decision-making and promoting gender equality in accessing non-bank financial activities. This aligns with Egypt’s Vision 2030 and its sustainable development strategy, which seeks to build an equitable society that guarantees equal rights and opportunities for all genders.

Dr. Abdel Aziz emphasized that this belief is rooted in the undeniable fact that women possess the skills, talent, and leadership acumen to excel in any role. He highlighted that international studies and statistics consistently demonstrate women’s ability to surpass performance and development levels in companies and organizations where they hold leadership positions, compared to those without female leadership.

To further foster gender equality, the Authority has issued several regulations mandating that companies listed on the Egyptian Exchange and operating in non-bank financial activities have at least two female representatives on their boards.

Demonstrating its commitment to promote gender equality, FRA has been closely monitoring the representation of women in leadership positions and on the boards of companies operating in non-bank financial activities. Collaborating with Women on Boards Observatory (WoB) at the School of Business, the American University in Cairo (AUC), the Authority has reported significant progress.

In 2023, women’s representation on corporate boards reached 25%, up from 22% in 2022, with 1,072 women serving as board members. Additionally, the percentage of women in CEO and managing director positions increased to 10% in 2023, compared to 7% in 2022.

Furthermore, the Authority highlighted a substantial increase in financing women-owned businesses. By the end of the second quarter of 2024, total financing provided to women entrepreneurs in the micro, small, and medium-sized enterprise (MSME) sector reached 26.3 billion Egyptian pounds, benefiting approximately 2.2 million women. This represents a significant market share, with women accounting for 46.8% of the total financing and 56.7% of the total number of beneficiaries.

To incentivize companies to engage more with women, the Authority introduced a policy offering a 50% discount on development fees or service charges to financial institutions that conduct 25% or more of their business with women. This initiative has encouraged companies to prioritize women and foster greater gender equality.

Dr. Abdel Aziz highlighted the Authority’s commitment to capacity building and providing technical support for women in various leadership roles. In 2022, the Authority launched a comprehensive financial literacy strategy, with a particular focus on women. Numerous training programs and educational seminars were organized across governorates and universities. Notably, women accounted for 58% of participants in the Authority’s specialized programs in 2023 and 2024. Furthermore, 61% of those who completed the Authority’s certified Financial Awareness Trainer (CFAT) training program were women. Additionally, the Egyptian Institute of Directors (EIoD) offered a certified board member program, with 468 women successfully obtaining this certificate.