Egypt expands central database to combat financial fraud

May 09, 2026

Iniulat ng AI

Egypt's Financial Regulatory Authority and 48 consumer finance companies have expanded a unified database aimed at detecting fraud and curbing cash monetisation. Officials say the move will help reduce losses and build trust in the sector. The effort includes collaboration with other financial federations.

The Financial Regulatory Authority worked with consumer finance firms to update the central database, which tracks individuals and entities involved in fraudulent activities such as identity theft and document forgery. Islam Azzam, head of the authority, said enhancing trust requires a solid database and greater awareness of potential crimes.

Walid Anwar, FRA assistant chairman for the non-banking finance sector, stressed that growth must include an integrated risk management system. He noted that improved technology will support better credit decisions and limit losses.

Hamdy Badawi, assistant chairman for anti-money laundering efforts, highlighted the need to link anti-fraud tools with measures against money laundering. The FRA also brought the microfinance federation into the system to broaden protection across non-banking activities.

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