Egypt’s foreign reserves rise to $57.35 bln in September: CBE

In a meeting on October 6, 2026, Prime Minister Mostafa Madbouly emphasized the importance of the non-banking financial sector in the Egyptian economy, highlighting its role in attracting investment and expanding participation from both domestic and foreign private sectors. The non-banking financial sector's activities are overseen by the Financial Regulatory Authority (FRA), and its development is a top state priority, as stated by Madbouly during the meeting with FRA Chairman Islam Azam.

During the discussion, Azam reviewed the latest developments in the regulatory frameworks governing non-banking financial activities, including recent decisions aimed at improving service quality, meeting citizens' needs, and enhancing supervisory performance. These measures include requiring financing entities to use one-time passwords (OTPs) for stronger customer identity verification, real-time connectivity with credit information companies, and the mandatory use of behavioral analysis for credit assessments.

Azam also highlighted the FRA's efforts to prevent misleading information and confusion between different savings and investment products by enforcing strict controls during underwriting and pricing of credit and guarantee insurance policies. The FRA's implementation of financial inclusion targets under Egypt Vision 2030 aims to protect vulnerable groups while promoting the growth of financial activities and fostering innovation and competition.