Arab Finance: The Financial Regulatory Authority (FRA) has obliged non-banking fintech institutions and insurance companies to verify the validity of the ownership data of their customers’ mobile phone numbers, as per a statement.

The decision aims to expedite the pace of digital transformation in the non-banking financial sector and drive insurance inclusion efforts.

It applies to Egyptian natural persons when concluding or renewing contracts as part of the procedures for verifying the identity of customers.

Parties affected by the decision shall be granted a two-month period as of the date of its entry into force.

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