Egypt’s FRA to launch 1st digital payment platform for non-bank financial firms

Egypt’s Financial Regulatory Authority (FRA) plans to roll out the country’s first electronic payment platform for non-bank financial institutions, FRA Chairman Mohamed Farid announced on Monday at the Cairo ICT Summit.

Developed in partnership with eFinance and eTax, the platform will allow all companies under FRA supervision to pay fees digitally and provide instant invoice verification for factoring firms, aiming to reduce fraud and improve operational efficiency.

Farid said the FRA’s broader digital roadmap includes mandatory digitalisation, AI-driven analytics, smart data integration, and electronic contracts under Law No. 5 of 2022, supporting faster and more secure financial services.

Currently, 25 of 79 non-bank financial companies in Egypt offer fully digital services, with distribution across sectors including 6 per cent in insurance, 29 per cent in financing, and 65 per cent in capital markets, Farid added.

In a separate initiative, Farid said FRA had also launched Egypt’s first digital fractional-ownership platform, enabling citizens to invest in small shares of real estate and regulated metal funds, expanding access to diversified investment opportunities.

“The Authority is laying the foundations for a modern economy that values ambitious ideas over capital, enabling legislation over traditional oversight, digital solutions over paper, and innovation over bureaucracy,” FRA chairman concluded.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser