FRA Mandates Non-Banking Fintech and Insurance Companies to Verify Customer Mobile Numbers for Digital Transformation Push
Cairo, Egypt – The Financial Regulatory Authority (FRA) has issued a new directive requiring non-banking fintech institutions and insurance companies to verify the validity of their customers’ mobile phone number ownership, according to an official statement.
The decision is part of the FRA’s broader strategy to accelerate digital transformation in Egypt’s non-banking financial sector and promote financial inclusion. By ensuring that mobile phone numbers are accurately linked to customers’ identities, the initiative aims to enhance the security and integrity of digital financial services.
This new mandate will apply to Egyptian citizens during the process of concluding or renewing contracts. It is expected to play a critical role in verifying customer identities, particularly as digital financial services continue to expand in the country.
The affected institutions have been granted a two-month grace period from the date of enforcement to comply with the new regulations. The FRA’s decision is seen as a key step toward modernizing Egypt’s non-banking financial sector while ensuring customer protection and facilitating seamless digital interactions.
This move aligns with Egypt’s national goals of driving insurance inclusion and strengthening the digital infrastructure in financial services.