Egypt aims to achieve comprehensive digital transformation of all non-banking financial activities: FRA

CAIRO – 19 January 2021: Financial Supervision Authority is currently aiming to achieve a comprehensive digital transformation based on the use of modern technology and tools in providing all services in non-banking financial activities, Head of FRA Mohamed Omran said Tuesday.

These activities include money market activities, the stock exchange, real estate finance, micro, medium and micro finance, consumer finance, insurance and financial leasing and factoring, Omran clarified.

This came during the press conference held today via video conference technology to announce the results of non-banking financial activities in 2020.

Omran said that the comprehensive digital transformation will contribute to expanding the base of financial inclusion and reducing the cost of obtaining these services.

“The authority will also focus on raising societal awareness of non-banking financial services available to obtain financing for all segments of society, especially marginalized groups, which will increase their productivity and raise their standard of living, and the authority will also spread sustainability applications and increase community awareness of the green economy,” he noted.

The Head of Financial Supervision stressed that the authority will continue to provide support for any efforts that would promote non-bank financial services and expand its base and spread, pointing out that the past year 2020 was the hardest year in human history due to the outbreak of the Corona virus, which prompted countries of the world to spend long times In attempts to contain the virus, which has caused terrible damage to individuals and societies large and small, especially the most vulnerable.

He pointed out that economic activity in the world suffered greatly due to the imposition of tight restrictions on movement during the first half of the year, in order to stop the spread of the virus, until the International Monetary Fund launched the title "The Great Closure" on one of its reports of this closure, which led to a significant reduction in global growth. The results could have been much worse had it not been for the gradual return to normal activity faster than expected after most countries of the world reopened their doors for the resumption of economic activity in the early second half of the year.

He warned that the Egyptian state was already able to achieve a growth rate of 3.6 percent during the fiscal year 2019-2020, due to the country's success in implementing a package of urgent and unprecedented measures to revitalize the economy during the pandemic through financial and monetary policies and regulatory measures. In addition, it continues to implement the financial and economic reform program it started in 2016.