الهيئة العامة للرقابة المالية

Planning , Communications Ministers & FRA Chairman witness key agreements boosting digital transformation & financial inclusion with NTRA

• E& Egypt (formerly Etisalat) joins forces with Misr Life Insurance to offer insurance products in their branches.

• FRA Inks Deal with NTRA to Speed Up Digitalization of Non-Bank Financial Services

• Amr Helmy – Minister of Communications and Information Technology:

Collaborating with private companies is a cornerstone of our strategy. This approach allows us to broaden the application of information technology across various sectors.

• Rania Al-Mashat Minister of Planning, Economic Development and International Cooperation:
• We promote structural reforms and focus on a number of pivotal sectors that drive growth and achieve inclusive economic development.
• Partnership between insurance and communications sectors enhances Egypt’s role as a regional center for technology and innovation and facilitates citizens’ access to financial services.

• Mohamed Farid – FRA Chairman:
• New alliances boost the Authority’s drive to leverage FinTech for financial inclusion.
• FRA is always keen to foster a dynamic environment that attracts investment and growth in the non-banking financial sector, while prioritizing market stability and safeguarding consumer interests.

• Ahmed Abd Elaziz – Managing Director of Misr Life Insurance :
• This alliance is a groundbreaking model for innovation and interaction within the financial and telecommunications sectors.
• Hazem Metwally- Chief Executive Officer, E& Egypt
• The initial phase of the plan involves offering variety of insurance products through 52 branches.

Ministers of “Planning and International Cooperation”  , “Communications” and FRA Chairman witness the signing of two agreements to boost financial inclusion and digital services in Egypt. The first partnership brings together Misr Life Insurance and E& Egypt (formerly Etisalat) to offer insurance products through  E& Egypt branches, thus, expanding access to insurance. The second agreement between FRA and NTRA focuses on customer data verification, supporting the digital transformation of financial services and financial inclusion.

This new partnership between Misr Life Insurance and E & Egypt marks a significant step. It’s the first implementation of  FRA Board resolution that allow insurance companies to  e-sell  and distribute Micro-insurance policies directly within telecom branches licensed to practice this activity.

The Authority is keen to foster collaboration across all financial institutions. This includes supporting the non-bank sector’s growth within the national economy. Their ultimate goal is to achieve greater financial inclusion, particularly by increasing access to non-bank financial services and promoting insurance products to a wider segment of Egyptian society.

The ceremony was attended by the Acting President of NTRA Mohamed Shamroukh, Managing Director of Misr Life Insurance Ahmed Abdel-Aziz, CEO of Etisalat Misr Hazem Metwally, CEO and Managing Director of Misr Insurance Holding Company (MIHC) Mohamed Mahran, and Chairman of Misr Life Insurance Mohamed Abdel Gawad, FRA Vice-Chairmen Dr. Islam Azam and Mohammed Sayyad, Dr. Mohammed Abdulaziz, Assistant to FRA Chairman , Mohamed Ayyad, Director of FRA Media Center and  a distinguished gathering of leaders from the various parties involved in the signing ceremony.

In the first phase, a selection of Misr Life Insurance products will be available for at 52 branches of E&Egypt across various Egyptian governorates. The partnership plans to expand its reach to additional locations in the future.

Dr. Farid – FRA Chairman emphasizes that these partnerships support the government’s push for financial inclusion. By allowing non-bank financial institutions, particularly insurance companies, to offer products tailored to citizens’ financial means, we aim to expand access to these services and bring more people into the financial system.

He adds that these partnerships build upon  FRA Board  Resolution No. 292 of 2023 which  allowed e-selling of micro-insurance  policies through telecom companies and licensed online stores. Also, he points out that these agreements promote digital transformation and accelerate the shift to digital non-bank financial transactions. This ultimately strengthens the non-bank financial sector’s contribution to the national economy.

Dr. Farid asserts that the unified Insurance Law, along with Resolutions No. 59 and 60 of 2024 issued by FRA Board, are key measures supporting the growth of the micro-insurance sector. These regulations allow companies to obtain micro-insurance licenses and partner with telecom companies to sell licensed  insurance products directly within their branches.

FRA resolution stipulate that both  insurance companies and licensed telecom companies, overseen by the National Telecommunications Regulatory Authority (NTRA) will specify which branches and offices will participate. Also, FRA resolutions allow insurance companies’ representatives to be present in these designated telecom branches.

This partnership aims to deliver cutting-edge insurance solutions to customers. By leveraging the ease of access offered by telecom branches and fostering direct communication with providers. Customers will benefit from innovative insurance products that combine protection, savings, and investment options. The collaboration will capitalize on the technological expertise of both companies, utilizing FinTech advancements to deliver these solutions seamlessly.

The partnership will not only create a wider network of insurance sales channels across Egypt, but it will also tailor insurance solutions to individual customer needs. This unique experience will streamline the insurance buying process, saving customers valuable time and effort.

Dr. Rania  Al-Mashat highlights the significance of this groundbreaking partnership between the telecom and insurance sectors in Egypt. It aligns perfectly with the government’s economic development plans, which prioritize structural reforms to strengthen the economy. These reforms focus on key sectors driving growth and digital transformation, ultimately aiming to solidify Egypt’s position as a regional hub for technology and innovation.

Dr. Al-Mashat further emphasizes the importance of expanding public-private partnerships in this crucial economic phase, thus, fostering inclusive and sustainable development .

Dr. Al-Mashat also applauds the collaboration between FRA and NTRA. This partnership is instrumental in accelerating the digital transformation of non-bank financial services, ultimately making them more accessible to Egyptian citizens.

On the other hand , Dr. Talat sheds light on  the importance of these agreements in fulfilling the vision of the communications and information technology sector. This sector plays a crucial role in facilitating citizen access to services and ensuring their proper governance. He highlights how technology has become an essential foundation for progress across all sectors. Dr. Talat emphasizes  the significance of the agreement between NTRA  and FRA. He points out that this partnership focuses on data verification and accuracy, which are essential for providing citizens with high-quality services. He concludes by emphasizing the vital role of accurate data in the functioning of any software system.

Dr. Amr Talat explains that the telecommunications and information technology sector is the highest growing sector in the country over the past six years, with the growth rate of the sector reaching more than 16% in the last fiscal year. Its contribution to GDP was about 5.8% in fiscal year 2023/2024 up from 3.2% 6 years ago and aiming to reach 8% in the near future.

Dr. Talat stresses on the Ministry of Communications and Information Technology’s commitment to expanding the use of technology across various sectors and citizen services. He emphasizes that public-private partnerships are a cornerstone in communications and IT sector.

Dr. Ahmed Abd Elaziz – Misr Life Insurance (MLI) Managing Director states that strategic alliance with E&Egypt, one of the leading telecommunications and technologies companies, is the first-of-its-kind in the Egyptian market. He points out that this partnership represents a new beginning of expansion and development as being a positive model for innovation and interaction in the financial services and communications market and will result in faster growth, increased insurance awareness in the Egyptian market and wider adoption of financial technology solutions.

He adds that this alliance represents a key pillar in providing advanced and innovative insurance solutions to customers and making it easier for customers to get insurance and talk directly to providers.  That is besides offering insurance products that combine protection, savings, and investment opportunities, all adapted to the latest technological advancements. In addition to leveraging the combined strengths of both companies in technology and financial tools to deliver these solutions.

He stresses that this alliance with E&Egypt will ensure the existence of new marketing channels that are more widespread and present in the Egyptian market and provide insurance solutions that suit the needs of E& Egypt’s customers while benefiting from a smooth and unique experience in purchasing insurance policies, which saves customers time and effort.

Dr. Abdelaziz adds that the first phase of this partnership will allow the presence of insurance officers in E&Egypt’s branches, equipped with the latest digital solutions for issuing policies, making it easier for employees to issue policies directly from the branch.

For his part, Hazem Metwally, CEO of E&Egypt, emphasizes  that this alliance will provide one of the most effective means that will achieve a breakthrough in providing various insurance products to the company’s customers. He adds that this agreement with Misr Life Insurance comes to meet the needs of E&Egypt’s customers, establish extended relationships with them and provide them with unique and distinctive financial services and products.

He points out that this strategic partnership comes within the framework of the company’s new vision to transform into an integrated technology company that offers a wide range of innovative solutions, products and services to its corporate and individual customers in Egypt to help them improve the efficiency of their operations and enhance their growth, including these innovative insurance services.

Metwally adds that the work plan based on providing a number of different insurance products in 52 branches as a first phase. He stresses that the partnership is rapidly expanding its reach to new regions, leveraging the power of financial technology (fintech) to make insurance and financial solutions more accessible and convenient for a wider customer base.