Egyptian parliament’s CIT committee approves draft law regulating fintech in NBFS

The committee will issue its final report regarding the draft law soon to be reviewed and endorsed

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Egypt - The communication and information technology (CIT) committee at the Egyptian House of Representatives has finally approved the draft law regulating the use of financial technology (FinTech) in the non-banking financial sector in Egypt, Al Mal Newspaper reported.

The committee will issue its final report regarding the draft law soon to be reviewed and endorsed.

The draft law aims at expanding the base of those who benefit from the non-banking financial services (NBFS), boosting the efficiency of NBFS, and cutting the required costs of these activities.

In April, the Egyptian Cabinet approved the draft law, which comes in line with the state’s strategy to achieve financial inclusion.

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