The board of directors of Egypt’s Financial Regulatory Authority (FRA) has, at its closing meeting for the year, revealed on Wednesday its agenda which includes decisions on four important files related to the non-banking financial activities sector.
Showing proof of gender parity while doing business will also become a prerequisite for NBFIs looking to receive or renew any licenses from the FRA, according to the statement.
The regulator will require these institutions to treat clients of both genders equally in all their dealings, as well as offer products and services that cater to the needs of women, and set up a specialized unit or department or designate an individual to handle client complaints pertaining to their gender parity.
The FRA said that the most important of these decisions is the Board of Directors’ approval for granting incentives to companies and entities. This will be subject to their operating in non-banking financial activities, with the approval aimed at empowering women and enhancing finance access for them.
The authority said the move comes in accordance with its comprehensive four-year strategy for 2018-2022, and in line with Egypt’s Vision 2030 and its sustainable development strategy. The latter seeks to build a fair society which guarantees equal rights and opportunities for both genders in financing.
In the same context, FRA Chairperson Mohamed Omran issued Decision No 205 of 2020, granting companies and non-banking entities a 50% reduction in the development fee or service charge. This will be according to the percentage of women they employ, which should stand at no less than 25% of the workforce.
Omran said that the provisions of Article 14 of law No 10 of 2009, regulating the supervision of non-banking financial markets and instruments impose a development fee on companies subject to FRA control.
This is aimed at developing the areas of work these companies carry out, and the mechanisms to direct their activities and assist them in carrying out their work.
