Egyptians abroad can easily invest in stocks, funds via apps, says FRA chief
Speaking at the 6th Conference for Egyptians Abroad, FRA Chairperson Mohamed Farid said that developing flexible and integrated insurance solutions to provide effective coverage for Egyptians abroad is a top priority for the authority.
He added that fintech has provided broader opportunities for the diaspora to benefit from non-banking financial tools in an easy and safe way, strengthening their connection to their homeland and opening up avenues for them to participate in development plans.
The conference, which was opened by Prime Minister Mostafa Madbouly, was organised by the ministries of foreign affairs and emigration.
Farid noted that the non-banking financial sector, with its insurance, financing, and investment services, is a cornerstone of economic growth. He said technology allows Egyptians abroad to partner with major national companies in promising sectors and benefit from diverse investment funds.
The FRA chief highlighted the development of a personal accident insurance policy for Egyptians abroad and their families, which he said reflects the state's commitment to protecting its citizens. He noted that after the insurance payout was increased to 250,000 Egyptian pounds, the number of insured individuals saw a noticeable increase of 20% in July 2025 alone.
The number of insured Egyptians abroad has reached 1.3 million as of the end of July 2025, with 120 compensation cases totalling 10 million pounds paid out, Farid said.
He also pointed to the launch in 2023 of the first pension policy for Egyptian citizens abroad, which aims to provide an additional pension and can be purchased electronically.
Farid outlined the FRA's efforts to digitise non-banking financial transactions, beginning with a 2014 decision to regulate the electronic distribution of standard insurance policies and continuing with recent executive decisions to implement Law No. 5 of 2022, which established the regulatory framework for using technology in non-banking financial activities.
The FRA is committed to developing and providing services that meet the needs of Egyptians working abroad and to continuing its efforts to improve insurance inclusion and expand the base of beneficiaries, he concluded.
© 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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