FRA explores ways to promote Egypt’s financial inclusion

Updated 5/7/2025 11:02:00 AM

Arab Finance: Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), discussed joint cooperation with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF) to enhance financial inclusion and achieve sustainable economic development, as per a statement.

In a meeting with local development minister Manal Awad Mikhail and CEO of SHMFF May Abdel Hamid, Farid explored mechanisms to benefit from non-banking financial services and insurance products provided by entities subject to the FRA's supervision.

These include capital market activities, non-banking financing services, including real estate financing, financial leasing and factoring, and consumer financing, in addition to different types of insurance activities.

Furthermore, the meeting addressed how entities within the Ministry of Local Development, including governorates and the Social Housing Fund, can leverage these services to boost economic and social stability and lower the burdens resulting from any potential risks.

On his part, Farid highlighted that the FRA aims to develop and provide innovative financing, investment solutions, and insurance coverage that meet the needs of citizens across various governorates, especially those in need.

The three officials agreed to form joint working groups from the FRA, the Local Development Ministry, and the fund to implement a plan for cooperation during the coming period and determine intervention priorities based on needs.

The aim is to ensure that non-banking financial services reach the largest possible segment of citizens, in a manner that benefits them and enhances social stability.