الهيئة العامة للرقابة المالية

• The meeting focused on FRA’s efforts to enhance financial literacy, raise awareness, and integrate financial culture into development plans.
• The upcoming “Capacity Building to Promote Development” conference aims to strengthen the financial capabilities of Egypt’s governorates and encourage greater participation from companies and non-bank financial institutions.
• We are committed to develop electronic channels and platforms to facilitate the dissemination of financial culture and promote broader access to non-bank financial services.

Dr. Mohamed Abd Elaziz – Assistant to FRA Chairman holds a meeting with representatives from over 60 non-bank financial institutions licensed by the Authority, including securities, insurance, and finance companies. Attendees included business development and marketing officials and representatives from 6 professional associations in the sector.

The objective of the meeting was to explore ways to further integrate efforts to promote financial literacy and enhance financial awareness.

Dr. Tarek Seif, Executive Director of Financial Services Institute, Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes, Engineer Sherif Yehia and Dr. Ahmed Hussein, Deputy Assistants to FRA Chairman, Ahmed Labna, Head of Corporate Finance Dep.  attended the meeting.

Dr. Mohamed Abd Elaziz opened the meeting by highlighting the need for joint efforts to raise public awareness of financial culture and support the growth of the non-banking financial sector.

Dr. Mohamed Abd Elaziz provided a presentation including an overview of FRA’s strategy for promoting financial literacy and its ongoing efforts in this field. The Authority’s plans include developing specialized platforms and websites, as well as launching a simulation model in collaboration with Egyptian universities.

The goal is to make information about non-bank financial activities accessible to all stakeholders, including customers, the public and companies operating in the sector. Dr. Abd Elaziz added: “By joining forces, we can raise financial literacy, familiarize society with non-bank financial instruments, and increase financial inclusion, insurance penetration, and investment rates. This will benefit both society and businesses operating in the non-banking financial sector.”

The meeting highlighted the Authority’s efforts to leverage digital transformation to improve access to non-banking financial products and services. Additionally, the Authority is actively working to promote financial inclusion and develop the non-banking financial market through partnerships and collaboration with industry stakeholders.

Dr. Abd Elaziz added that the Authority has outlined a three-pronged strategy to promote financial literacy. FRA strategy includes educating the public about their rights as consumers and how to file complaints upon any violations committed by the companies. The Authority also seeks to foster collaboration among non-banking financial institutions to enhance complementarity and ensure that each activity benefits from the services offered by others.

Corporate officials expressed their appreciation for the Authority’s commitment to fostering a more inclusive financial environment and ensuring market integrity.

The meeting concluded with a call for increased collaboration and participation from representatives of non-bank financial institutions in the Authority’s initiatives to promote financial literacy. This includes events like Cairo International Book Fair and financial services conferences in various governorates , like

‘Capacity Building to Promote Development’ conference which was held in Damietta governorate. The conference provided training to university students, equipping them with the skills and knowledge needed to enter the workforce and enhance their understanding of financial services.