The FRA license allows non-banking financial institutions like Granite to offer financial services through digital technology.
The app aims to support Egypt’s digital transformation while enabling the firm to receive fund subscriptions and execute purchase and redemption orders for open-ended investment funds.
The FRA supervises and regulates Egypt’s non-banking financial markets, including insurance, capital markets, mortgage finance, financial leasing, and securitization, to ensure transparency, market stability, and investor protection. It also manages licensing and oversees the activities of entities in these sectors.
The Granite MMA app is designed to help individuals and companies with passive financial assets and liquidity to keep their cash fully accessible while generating the highest daily tax-free returns possible. This is achieved through a regulated asset management and money market framework with no restriction periods, “through technology-led, client-centric solutions,” according to Founder and CEO Hisham Akram.
Users can open a fully digital account and complete electronic Know Your Client (e-KYC) registration to verify their identity and activities without paperwork or visiting a branch. The app provides 24/7 access and real-time visibility of funds and returns and can be linked to any Egyptian bank account.
Egypt has been advancing its digital transformation strategy, which plays an essential role in the country’s economy by providing diverse financing, investment, and insurance tools to support economic and social development.
The government has also shifted some in-person public services to the Digital Egypt platform to improve efficiency, simplify service delivery, reduce bureaucracy, and promote transparency.
The FRA recently launched the country’s first digital payment network in an experimental phase for entities under its supervision in the non-banking financial sector. The network aims to facilitate digital payment of financial obligations and provide easier access to regulatory and supervisory services.
According to FRA data, the size of non-banking financial activities, including capital market operations and other non-banking finance services, reached EGP 773 billion in July 2025. The sector’s assets grew by 22.7 percent in 2024, representing 6.5 percent of the total financial system assets.
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