Wafa Egypt Assurance gets FRA’s approval for its products

Wafa Egypt Assurance, an affiliate to Morocco’s Attijariwafa Bank Group, said on Sunday it has recently obtained the Egyptian Financial Regulatory Authority’s (FRA) approval for its products.

The company is looking to receive an approval from FRA for insurance activity licence in the North African country within the coming period, said the Egyptian market regulator’s deputy chairman Reda Abdel Moaty on Monday.

Wafa Assurance is already present in four African countries; Côte d’Ivoire, Senegal, Tunisia, and Cameroon. In April 2019, the company acquired majority stakes in two Cameroonian firms.

Wafa Assurance has engaged a law company to provide legal advice on the formation of the Egyptian insurance subsidiary.

The financial group Attijariwafa Bank has been present since 2016 in Egypt following the acquisition of Barclays Bank Egypt for $500 million.