FRA, Local Development Ministry, And SHMFF Coordinate To Expand Non-Banking Services

(MENAFN- Daily News Egypt) In a move to expand access to non-banking financial services nationwide, the Financial Regulatory Authority (FRA) held a high-level coordination meeting with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF). The meeting brought together FRA Chairperson Mohamed Farid, Minister of Local Development Manal Awad, and SHMFF's CEO Mai Abdel Hamid.

The discussions focused on establishing collaborative frameworks to deliver FRA-regulated financial and insurance services to broader segments of the population, particularly in underserved governorates. The initiative supports Egypt's national strategy for financial inclusion and sustainable development.

Participants reviewed a broad spectrum of non-banking financial tools, including mortgage finance, leasing, factoring, consumer finance, and capital market products, as well as insurance services. The aim is to leverage these tools to enhance economic resilience at the local level and protect vulnerable citizens from financial risks.

Farid stressed the FRA's commitment to strengthening partnerships with government institutions to demonstrate how non-banking solutions can support development goals.“We are working to design innovative financing, investment, and insurance services tailored to the needs of citizens in governorates across Egypt, especially in marginalized and rural communities,” he said.

He highlighted the importance of integrating efforts with the Ministry of Local Development to extend financial services to villages and districts targeted by national initiatives, particularly those under the Decent Life program and local development strategies.

Minister Manal Awad underscored the value of this partnership, describing it as a pivotal step toward empowering governorates with modern financial tools.“Our goal is to foster an enabling environment where citizens can access effective financial and insurance services, raise their living standards, and create local job opportunities,” she said. Awad also stressed the need to enhance financial literacy and public awareness of available services to ensure active citizen participation in economic life.

To translate the initiative into action, the parties agreed to form joint working groups comprising representatives from the FRA, the Ministry of Local Development, and the SHMFF. These teams will develop an implementation roadmap based on local priorities, aiming to ensure the broadest possible access to non-banking financial services.

The collaboration is seen as a model for institutional integration, aligning efforts among key state bodies to accelerate progress toward Egypt's sustainable development goals and improve the quality of life across all governorates.

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