Egypt’s Financial Regulatory Authority (FRA) has given consumer finance companies and entities financing micro, small and medium-sized enterprises (MSMEs) up to two months to introduce one-time password (OTP) verification for customers.
Under FRA Decision No. 2735 of 2026, licensed providers must verify customers’ phone numbers and send an OTP when a financing agreement is signed and again when the customer uses the financing. Providers are also required to retain proof of the verification.
The decision, issued by FRA Chairman Dr. Islam Azzam, requires companies, associations and institutions involved in consumer and MSME financing to complete the necessary technical and regulatory changes within the implementation period.
According to the announcement, the additional verification layer is intended to reduce identity misuse, inaccurate personal information and other forms of manipulation that could affect customers’ credit records. It also gives providers and the FRA another mechanism to identify potential problems earlier in the financing process.
Source: Waya Media
