Women make up 17% of new digital contracts as Egypt’s regulator bets on technology
Women account for about 17 per cent of newly signed digital financial contracts in Egypt, highlighting the expanding role of technology in widening access to non-banking financial services, said financial regulator chief Sunday.
Mohamed Farid, chairman of the Financial Regulatory Authority (FRA), said the risks of delaying digital transformation have now surpassed the risks associated with digitisation itself, as rapid global shifts reshape financial services and consumer behaviour.
The push towards digital platforms has helped broaden participation in Egypt’s stock market, with the number of new investors rising to about 280,000 a year, compared with roughly 25,000 annually three years ago, he said.
The FRA regulates non-banking financial activities, including leasing, mortgage finance, microfinance, insurance, and other financing institutions that do not accept deposits, as well as the movable collateral registry. Farid said the regulator’s mandate is aimed at maintaining market stability and protecting users, while creating space for innovation and growth.
Insurance brokerage is among the sector’s most promising career paths, Farid said, noting that Egypt currently has about 14,000 licensed brokers. The authority is targeting 35,000 brokers, a move that could create employment opportunities for around 20,000 additional people.
To address skills gaps, the FRA is partnering with the Federation of Egyptian Insurance Companies, the Policyholders’ Protection Fund, and the American University in Cairo to launch Egypt’s first professional diploma in actuarial sciences. The programme, fully funded by the regulator, will be open to graduates from science, economics, statistics, and commerce faculties.
Farid said the authority is also working to upgrade the capabilities of insurance intermediaries through training programs partially funded by companies, including opportunities for overseas training. Regulatory decisions governing digital activities, he added, are based on global best practices adapted to local market conditions.
The FRA is also studying the introduction of new investment products, including a gold operating fund, to broaden the range of investment instruments available in the market.
Farid made the remarks during an interactive session with young people at the 4th Egyptian Women Summit, where he reflected on his professional journey and stressed the importance of lifelong learning in keeping pace with economic and technological change.
Attribution: Amwal Al Ghad English