Cairo- 16 November 2021, speaking at “Egypt’s Regulatory Environment” fireside chat session at the Africa FinTech Summit earlier today, M&P’s CEO & Senior Partner, Moustafa Moharram joined Ahmed Monir (Head of the Regulatory Sandbox, Central Bank of #Egypt - CBE) Tarek Ibrahim (Principal IT Consultant, Financial Regulatory Authority - FRA) to discuss the role of regulatory frameworks in fintech innovation. The session was moderated by Ananse’s CEO James French.
During his remarks, Mr. Moharram highlighted the following:
- The need for more enabling regulations, fewer licenses.
- The importance of easing and streamlining licensing procedures.
- The importance of prior consultations with the fintech ecosystem before issuing regulatory frameworks.
Moharram also noted that the following issues require greater attention from regulators as they are slated to shape the fintech ecosystem moving forward:
1. Independent e-money issuer license.
2. Crypto and digital currencies.
3. Enabling cloud adoption in the financial sector.